Refer to Game Matrix IV. The Nash Equilibrium for the game is
Game Matrix IV
The following questions refer to the game matrix below.
Player A can play the strategies UP and DOWN and Player B can play the strategies LEFT and RIGHT.
a. UP, LEFT
b. UP, RIGHT
c. DOWN, LEFT
d. DOWN, RIGHT
a. UP, LEFT
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If an economy produces 3 million oranges that sell for $0.25 each and 100,000 cars that sell for $25,000 each, then when the market value of total output is calculated:
A. oranges receive a smaller weight than cars. B. oranges receive the same weight as cars. C. oranges receive a greater weight than cars. D. the market value of oranges is excluded.
Explain how firms choose the amount of capital goods to purchase and the amount of labor to hire
What will be an ideal response?
If demand for the finished good increases, the demand for the type of labor producing this good will also increase
Indicate whether the statement is true or false
GDP measures
A. the changes in the unemployment rate in a given year. B. the amount of underground activity in a nation. C. the nation's economic activity. D. the nation's economic welfare.