A dominant strategy is one that
A. every participant in the game will follow.
B. always yields the highest benefit regardless of what the other players do.
C. yields a position of the winner so long as the other participants act as planned.
D. turns a negative-sum game into a positive-sum game.
Answer: B
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The main function of the Federal Reserve System is to
A. clear checks from member banks. B. set reserve requirements of banks. C. control the money supply. D. serve as the fiscal agent for the federal government.
According to the Application, one factor which was responsible for roughly one-third of hybrid vehicles purchased in 2007 was an increase in the price of gasoline
The increase in sales due to higher gasoline prices describes the economic concept of A) marginal thinking. B) rational self interest. C) using assumptions to simplify. D) ceteris paribus.
In the long run, firms in monopolistic competition become price takers
Indicate whether the statement is true or false
Minority workers are underrepresented and have less access to certain high-paying occupations. This illustrates:
A. human-capital discrimination. B. the crowding model. C. the taste-for-discrimination model. D. statistical discrimination.