mixed-strategy Nash equilibrium is the outcome in which a player's ________ strategy is the best strategy for that player, taking as given the other player's ________ strategy.
A) mixed; mixed
B) pure; pure
C) pure; mixed
D) mixed; pure
A) mixed; mixed
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Zero lower bound refers to the fact that
A) the government budget deficit must be zero in the long run. B) the lowest possible level of the current account deficit is zero in the long run. C) the inflation rate can never decline below zero. D) nominal interest rates cannot fall below zero.
The price effect describes the:
A. decrease in the quantity of labor supplied in response to a higher wage. B. increase in the quantity of labor supplied in response to a lower wage. C. increase in the quantity of labor supplied in response to a higher wage. D. increase in the quantity of labor demanded in respond to a higher wage.
When there are economies of scale in production:
a. long-run average total cost declines as output expands b. long-run average total cost increases as output expands. c. marginal cost increases as output expands. d. the marginal product of an input diminishes with increased utilization.
With technological developments, more resources are discovered which change production sets for countries and make world trade more and more beneficial
Indicate whether the statement is true or false