What is the difference between a solution to a game in a pure strategy and a mixed strategy situation?
For solutions in pure strategies a player picks a single action and exercises it with certainty. In a mixed strategy situation one does best by unpredictably mixing one's strategies in accordance with probabilities that depend on the strategies of the others.
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Black-market prices are below equilibrium prices because sellers want to sell large quantities.
Answer the following statement true (T) or false (F)
If Indonesia imposes an import tariff on Hollywood movies, the tariff ________ the price of seeing a movie in Indonesia, the production of movies in Indonesia ________, and imports of Hollywood movies into Indonesia ________
A) raises; increases; increases B) raises; increases; falls C) lowers; increases; falls D) lowers; decreases; falls E) raises; decreases, falls
After browsing several pairs of shoes, Bob buys a pair of Nike running shoes. Economists would say that:
A. Bob is revealing his strong distaste for New Balance running shoes. B. Bob is revealing he will always choose Nike over any other shoe brand. C. Bob will get more utility per dollar from the Nike running shoes than any other in the store. D. Bob made a poor choice, if he really prefers Adidas.
The expectation of a lower inflation rate will cause: a. the short-run Phillips curve to become vertical
b. the short-run Phillips curve to shift leftward. c. a movement down along a short-run Phillips curve. d. the short-run Phillips curve to shift rightward.