A dominant strategy is a strategy that has a higher payoff than any other strategy no matter what the other player does.
a. true
b. false
Answer: a. true
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According to the data in the table above, real GDP grew at a rate of ________ between year 1 and year 2
A) 10 percent B) 1 percent C) 50 percent D) 5 percent E) 55 percent
Regarding price leadership, which of the following is NOT true?
a. one firm may establish itself as the dominant firm b. the dominant firm is frequently a larger size or has lower cost structure c. Price leadership is a model of price-output determination d. Once established, a barometric price leader will not change e. price leadership is a pricing strategy followed in many oligopolistic industries
Selling at a price that is only slightly above the firm’s cost of production is called predatory pricing.
Answer the following statement true (T) or false (F)
If the first four units of a good consumed have marginal utilities of 8, 4, 2, and 1, respectively, this trend is an indication of the:
A. law of consumer equilibrium. B. law of diminishing marginal utility. C. law of diminishing consumer surplus. D. law of supply.