A situation in which both players can adopt moves such that each player's move is its most profitable response to the move of the other is the
a. prisoner's dilemma.
b. Nash equilibrium.
c. maximin criterion.
d. tacit collusion.
b
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Economists believe a volunteer military is likely to
A) cost more than a conscripted military. B) cost taxpayers more than a conscripted military would. C) impose higher costs on military personnel than does a conscripted military. D) increase the percentage of incompetent people in the armed forces.
What is an indifference curve? Why can indifference curves never cross?
What will be an ideal response?
The law of increasing opportunity costs implies that a society's production possibilities curve will be a straight line
a. True b. False Indicate whether the statement is true or false
Economic theory assumes that a firm's goal is to:
A. maximize its accounting profit. B. earn an economic profit. C. earn an accounting profit. D. maximize its economic profit.