In game theory, when all players are playing their best strategy given what their competitors are doing, the result is a Nash equilibrium.
Answer the following statement true (T) or false (F)
True
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Which of the following will not cause a change in the demand for a product?
a. a change in consumer income b. a change in consumer preferences c. a change in the price of the product d. a change in the price of a substitute product
What to do about inflationary and employment problems in the economy? Conservative economists advocate
a. strong fiscal policy, particularly taxing luxuries b. strong monetary policy, particularly taxing luxuries c. no interference in the private sector d. that to pursue aggressive and consistent policy, the Federal Reserve System should become a department with the executive branch of government e. relying on trends in real business cycles to implement expansionary fiscal policy
Refer to Figure 18.4. With an import ban, what is the equilibrium price of gloves in Duckland?
A) $0 B) $8 C) $9 D) $12
How is national output related to national income?
A) Income is greater than output during recoveries and booms. B) Income is greater than output during recessions and depressions. C) Output exceeds income by the amount of unsold goods. D) They are always equal. E) They are only equal when the economy is in equilibrium.