In a mixed-strategy Nash equilibrium, a player is willing to randomize because:
a. this confuses opponents.
b. he or she is indifferent between the actions in equilibrium.
c. the actions provide the same payoffs regardless of what the other player does.
d. he or she does not know what the other player is doing.
b
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A high degree of competition is not always feasible in the production of
a. toothpaste. b. cosmetics. c. foodstuffs. d. public utilities.
A market with easy entry could include
A) perfect competition. B) monopolistic competition. C) an oligopoly. D) a. and b. are possible
What is disposable income? How is it calculated?
If supply is highly elastic and demand shifts to the left:
A. price and quantity will hardly change at all. B. price will fall significantly; quantity hardly changes at all. C. price will hardly change at all; quantity will fall significantly. D. price will fall significantly as will quantity.