Games that don't have a dominant strategy:
A. don't exist; all games have at least one dominant strategy.
B. may have stable equilibrium outcomes.
C. always have stable equilibrium outcomes.
D. do not have stable equilibrium outcomes.
Answer: B
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Refer to Figure 4.2. The income effect on the quantity of clothing purchased is:
A) the change from C1 to C3. B) the change from C1 to C2. C) the change from C2 to C3. D) the change from C3 to C2. E) none of the above
Refer to the above table. If the marginal revenue product is $21, how many workers will the profit maximizing monopsonist hire and what wage will they pay each worker?
A) 1; $17 B) 2; $19 C) 2; $21 D) 3; $21
Which of the following is not an example of an economic policy that affects the level of unemployment?
A. Minimum wage law. B. Efficiency wages. C. At-will employment policies. D. Title IX.
Assume that the government increases spending and finances the expenditures by borrowing in the domestic capital markets. If the nation has low mobility international capital markets and a flexible exchange rate system, what happens to the real risk-free interest rate and net nonreserve-related international borrowing/lending in the context of the Three-Sector-Model?
a. The real risk-free interest rate rises, and net nonreserve-related international borrowing/lending becomes more positive (or less negative). b. The real risk-free interest rate falls, and net nonreserve-related international borrowing/lending becomes more negative (or less positive). c. The real risk-free interest rate rises, and net nonreserve-related international borrowing/lending becomes more negative (or less positive). d. The real risk-free interest rate and net nonreserve-related international borrowing/lending remain the same. e. There is not enough information to determine what happens to these two macroeconomic variables.