A dominant strategy is:
A. when one strategy is chosen by a firm first and determines the best strategies of the other players that follow.
B. when one strategy is chosen and cannot be changed without making at least one of the players worse off.
C. when one strategy is always the best for a player to choose, regardless of what other players do.
D. None of these statements is true.
C. when one strategy is always the best for a player to choose, regardless of what other players do.
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The reason that it is possible for the economy in the above figure to be at equilibrium point E2 rather than at equilibrium point E1 is that
A) in the long run there is always less than full employment. B) in the short run the economy can produce more than it can in a long-run situation. C) AD always shifts rightward and never shifts leftward. D) the economy must be in a recession.
Answer the following statements true (T) or false (F)
1. The innovation theory is classified among the real or physical causes of the business cycle. 2. The theory of rational expectations is classified as a psychological cause of the business cycle. 3. The under consumption theory is classified as a real or physical cause of the business cycle. 4. The under investment theory is classified as a monetary cause of the business cycle. 5. In using the GDP as a measure of business cycles, it is best to use real GDP.
The Haig-Simons definition of income includes
A. employer pension contributions and insurance purchases. B. transfer payments. C. income in-kind. D. all of these answer options are correct.
Suppose both supply and demand increase. What effect will this have on the equilibrium quantity?
A. It may rise or fall. B. It will rise. C. It will remain the same. D. It will fall.