A Nash equilibrium occurs if ________
A) each player chooses strategies that are mutual best responses
B) each player chooses his or her dominant strategy
C) each player chooses only a pure strategy
D) each player chooses only a mixed strategy
A
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Refer to Table 2-14. What is Ireland's opportunity cost of producing one motorcycle?
A) 0.2 guitar B) 5 guitars C) 8 guitars D) 32 guitars
According to the graph shown, if the market goes from equilibrium to having its price set at $10 then:
A. $12 gets transferred from consumer surplus to producer surplus.
B. area C is lost consumer surplus due to fewer transactions taking place.
C. area E is lost producer surplus due to fewer transactions taking place.
D. All of these are true.
Households act as suppliers when they provide
a. goods and services to firms and governments b. resources to firms and governments c. tax payments to governments d. the demand for only what firms supply or make available e. money to firms in exchange for goods and services
Which of the following is an example of price competition?
a. Nike signs LeBron James to a $90 million contract for endorsements. b. Kellogg's puts the images of Snap, Crackle, and Pop on boxes of Cocoa Krispies, linking the cereal with Rice Krispies. c. McDonald's introduces new garden McSalads. d. Tropicana introduces the Blue Raspberry Rush juice. e. Apple offers a 20% discount on its new range of iPhones.