A dominant strategy:
A. exists in every game.
B. is the best one to follow no matter what strategy other players choose.
C. is always the same for all players of a game.
D. awards the highest achievable payoff in a game.
B. is the best one to follow no matter what strategy other players choose.
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What is meant by the term "marginal analysis"? Suppose an individual has to choose between renting four apartments at different distances from his place of work
The individual has to commute to work on five days of the week and as such will require different quantities of gasoline depending on the apartment he decides to rent. The monthly rents and expected gasoline consumption from each of the apartments is shown in the table below. If the price of gasoline is $5 per gallon, using marginal analysis, determine the optimum choice for the individual. Which principal is used for this optimization? What does it state? Apartment Gasoline Consumption (gallons per month) Rent ($ per month) 1 5 1,100 2 10 1,000 3 15 960 4 20 940
During the financial crisis in 2007 and 2008, financial institutions believed that default risks were higher. As a result, there was ________ in the supply of loanable funds and a ________ in the real interest rate
A) a decrease; fall B) an increase; rise C) an increase; fall D) a decrease; rise
The water and diamonds paradox of value results from
A) the concept of deadweight loss. B) the "law of demand." C) diminishing marginal utility. D) the elasticity of demand.
Look at the following data: The frictional unemployment rate is 2 percent, the structural unemployment rate is 3.5 percent, and the actual unemployment rate is 9.5 percent. The natural unemployment rate is ____________ percent and the cyclical unemployment rate is __________ percent
A) 1.5; 4 B) 5.5; 4 C) 1.5; 6 D) 6; 15