Gambling is profitable to casinos because the expected payoff of every gamble (to the casino) is ________ the amount gambled.
A. less than
B. unrelated to
C. greater than
D. equal to
Answer: C
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One reason that DOWN,RIGHT is not a NASH equilibrium is that
a. Player B receives a payoff of 8 as opposed to the payoff of 20 that he would receive if he changed his strategy. b. Player B receives a payoff of 20 as opposed to the payoff of 30 that he would receive if he changed his strategy. c. Player A receives a payoff of 20 as opposed to the payoff of 30 that he would receive if he changed his strategy. d. DOWN, RIGHT is a Nash equilibrium.
Scarcity is defined as the situation that exists when the quantity demanded for a good is greater than the quantity supplied
Indicate whether the statement is true or false
In the case of pure monopoly:
a. one firm is the sole producer of a good or service which has no close substitutes b. the firm's profit is maximized at the price and output combination where marginal cost equals marginal revenue c. the demand curve is always elastic d. a and b only e. a, b, and c
In the long run in perfect competition, no firm can earn a normal profit
a. True b. False