A strategy is dominant if:
A. it is one of several best responses for a player, regardless of other players' choices.
B. it is a player's only best response, given a particular choice of the other players.
C. it is independent of other players' choices.
D. it is a player's only best response, regardless of other players' choices.
D. it is a player's only best response, regardless of other players' choices.
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Does the experience of World War II demonstrate that government budget deficits and surpluses can be used to stabilize aggregate demand?
A) No, because the deficits run during the 1930s did not end the recession. B) No, because the fact that deficits or surpluses can alter aggregate demand does not prove they can stabilize it. C) Yes, because nominal GDP increased by more than the amount of the deficit in each wartime year. D) Yes, because World War II demonstrated the multiplier effect of deficits.
A graph that illustrates the maximum amount of one good that can be produced for every possible level of production of the other good is called a:
A. production possibilities curve. B. production function. C. consumption possibilities curve. D. supply curve.
The federal budget process begins when federal agencies submit their budget requests to the:
a. Treasury Department.
b. Council of Economic Advisors (CEA).
c. Office of Management and Budget (OMB).
d. Congressional Budget Office (CBO).
The S & L debacle ultimately cost American taxpayers
A. at least $10 billion. B. about $100 billion C. about $200 billion. D. between $300 billion and $500 billion.