When neither player has a dominant strategy,
A) game theory will not provide information.
B) no Nash-Equilibrium exists.
C) at least one Nash-Equilibrium exists.
D) the game cannot be analyzed.
C
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A competitive market is characterized by
a. the absence of entry barriers b. many buyers with a single seller c. imperfect information d. a differentiated product
Typically, as an economy begins to emerge from a recession,
A) unemployment falls immediately. B) inflation begins to fall. C) unemployment continues to rise. D) investment begins to fall.
The Mayor of Stuckeyville is considering increasing the tax on bowling. He is confident that tax revenues will increase but recognizes the possibility that they may decrease. The mayor is engaging in
A) dynamic tax analysis. B) static tax analysis. C) a policy that will cause the tax base to increase. D) a policy that will cause the tax base to remain unchanged.
According to the law of demand, when the price of a BMW or a Gucci purse increases, the quantity demanded of these goods will also increase because consumers consider them prestigious
a. True b. False Indicate whether the statement is true or false