Refer to Figure 4.2. How many Nash equilibria exist in this game?
A) 0
B) 1
C) 2
D) 3
C
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Refer to Figure 4.8. If half of your friends go to the beach and half go to the park, you will receive a payoff of ________ if you go to the beach
A) 0 B) 250 C) 500 D) You cannot determine your payoff because the figure represents your payoff from going to the park.
A primary difference between the original and New Keynesian approaches is that in the original model nominal wages are ________, while for the New Keynesians nominal wages are ________
A) perfectly flexible, slow to adjust B) slow to adjust, perfectly flexible C) fixed, slow to adjust D) slow to adjust, fixed
The demand curve facing Company ABC is perfectly elastic. What is its marginal revenue?
A. Equal to the average revenue B. Less than the price C. Higher than the price D. Higher than the average revenue
The demand curve for a product can be derived from consumer equilibrium by:
a. altering the prices of all other products. b. altering consumer incomes. c. shifting consumer preferences. d. altering the price of the good itself. e. knowing the demand curves for all other products.