At a Nash equilibrium:
a. each firm is said to be doing as well as it can, regardless of the actions of its competitor.
b. each firm is said to be doing as well as it can, given the actions of its competitor
c. firms always choose strategies in order to maximize the social welfare.
d. firms always choose strategies to avoid the worst possible outcome.
b
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A sealed-bid auction is one in which ________
A) bidders do not know each other's bid B) bidders know each other's bid C) bidders place their bids one after another D) bidders cannot determine the price of the good
Which of the following macroeconomic variables would be drawn accurately as perfectly inelastic?
A. Aggregate demand B. Short-run aggregate supply C. Long-run aggregate supply D. None of these should be drawn as perfectly inelastic.
Which of the following is true regarding labor legislation? a. The Taft-Hartley Act increased union power while the Wagner Act limited union power. b. The Wagner Act increased union power while the Taft-Hartley Act limited union power. c. Both the Wagner Act and the Taft-Hartley Act increased the power of unions
d. Both the Wagner Act and the Taft-Hartley Act limited the power of unions.
If the price index is 108.4 in period 1 and 118 in period 2, the inflation rate from period 1 to period 2 would be _____
a. 10 percent b. 8.9 percent c. 10.8 percent d. 4.2 percent