A player can choose among three strategies: L, C, and R. Strategy C is never a best response to the other player strategies. This means that
A) strategy C is always played.
B) strategy C is never played.
C) strategy C will be part of a Nash equilibrium.
D) strategies L and R are never played.
B
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There will be gains from trade when
A. the buyer values a product more highly than the seller. B. money is used as a medium of exchange. C. both the buyer and the seller attach the same value to the product. D. the buyer values a product less highly than the seller.
A tariff on imports affects foreign suppliers ____; a quota affects foreign suppliers ____.
A. effectively; ineffectively B. haphazardly; carefully C. equally; capriciously D. unfairly; fairly E. unequally; unequally
After World War II, the United States produced about ______ percent of the world's oil, much of which we exported.
A. 40 B. 50 C. 60 D. 70
According to the foreign trade effect, when the U.S. price level decreases, U.S. consumers are likely to buy:
A. More American-made products. B. Different American-made products. C. More foreign-made products. D. Less of all products, both American made and foreign made.