Which of the following is not a characteristic of a chicken game?
A) Neither player has a dominant strategy.
B) Nash equilibria exist at every outcome where the players successfully coordinate.
C) The two general outcomes are where players either coordinate with one another or they do not.
D) When both players play their tough strategy, they each receive their best possible payout.
D
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If a 35 percent increase in price of golf balls led to an 42 percent decrease in quantity demanded, then the demand for golf balls is
A) relatively elastic. B) relatively inelastic. C) perfectly elastic. D) unit elastic.
When a firm experiences steadily declining long-run average total costs as it produces more output, it is known as a(n)
A) oligopoly. B) rent seeker. C) natural monopoly. D) monopolistic competitor.
If a firm gets so large that management of employees and other resources becomes a costly problem, it will be experiencing
A. diseconomies of scale. B. constant returns to scale. C. diminishing marginal product. D. economies of scale.
A example of a topic studied in the field of new growth is how incentives for ________ interact with the accumulation of physical capital
A) international trade B) new product development C) research and development D) all of the above