A dominant strategy is:
a. one that maximizes the social welfare
b. one that maximizes profit.
c. one that maximizes a player's welfare, regardless of the behavior of a competitor.
d. one that maximizes a player's welfare, given the actions of a competitor.
c
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In a society where government mandates that everyone shares the product of one's hard work with everyone else, people will tend to work harder than they would if they could keep the full product of their work
Indicate whether the statement is true or false
The poverty rate in 2008 was _________ the poverty rate in 1960.
A. much lower than B. a little lower than C. about the same as D. a little higher than
Suppose the equilibrium price of a physical examination ("physical") by a doctor is $200, and the government imposes a price ceiling of $150 per physical. As a result of the price ceiling,
a. the quantity of physicals demanded increases. b. there is shortage of physicals. c. the quantity of physicals supplied decreases. d. All of the above are correct.
Which statement is true?
A. Entrepreneurial ability is abundant in the U.S. B. The entrepreneur sets up a business and risks his or her own money. C. Land, labor and capital may be considered passive resources. D. All of the statements are true.