Which of the following constitutes a mixed strategy Nash equilibrium of the Odds and Evens game?
A) Play Even and Odd with 50% probability each.
B) Play Even with 75% probability and Odd with 25% probability.
C) Always play Even.
D) This game has no mixed strategy Nash equilibrium.
A
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In reference to the long-run firm competitive equilibrium diagram, which of the following statements is INCORRECT?
A) In the long run, the firm has no incentive to alter its scale of operations. B) Because profits must be zero in the long run, the firm's short-run average costs (SAC) must equal P at Qe, which occurs at minimum SAC. C) In the long run, the firm operates where price, marginal revenue, marginal cost, short-run minimum average cost, and long-run minimum average cost all are equal. D) In the long run, this firm must be part of a constant-cost industry, because its marginal revenue curve is perfectly elastic.
When the Fed is pursuing contractionary monetary policy it will tend to depreciate the value of the dollar and hence increase net exports, other things equal
a. True b. False Indicate whether the statement is true or false
Market failure implies that the market mechanism
A. Causes shortages or surpluses in the market. B. Leads the economy to a point outside the production possibilities curve. C. Causes government failure. D. Leads the economy to the wrong mix of output.
In comparing the changes in actual budget surplus and the structural surplus between 1993 and 1999, it is clear that the
A. actual surplus rose less than the structural surplus. B. actual surplus and the structural surplus rose about the same. C. actual surplus rose much more than the structural surplus. D. tax increases of 1993 decreased the structural surplus more than they decreased the actual surplus.