Explain what it means to have a mixed-strategy equilibrium in a zero-sum game. What happens if a player deviates from this mixed-strategy equilibrium?
What will be an ideal response?
At a mixed-strategy equilibrium in a zero-sum game, both players are playing their ideal mixtures, given the ideal mixture of their opponent. If a player deviates from this equilibrium (and therefore from his or her ideal mixture), the player's payoff will fall.
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Rationing when goods have suddenly become more scarce, by asking people to make sacrifices voluntarily for the sake of others, discriminates against people who are
A) considerate. B) poor. C) unethical. D) unwilling to sacrifice. E) wealthy.
Refer to the scenario above. Arthur should place a bid of ________
A) $187.50 B) $200 C) $225 D) $250
Give an appropriate remedy for correcting excessive pollution and note any difficulties in implementing it.
What will be an ideal response?
The idea of insurance
a. would not appeal to a risk-averse person. b. is, other things the same, to reduce the probability of a fire, accident, or death. c. is to share risk. d. is to provide a sure thing, not a gamble.