Which of the following is not a characteristic of an assurance game?
A) Neither player has a dominant strategy.
B) Nash equilibria exist at every outcome where the players successfully coordinate.
C) Each of the Nash equilibria offers identical payoffs to any particular player.
D) The payoff for coordinating is higher than the payoff for not coordinating.
C
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If the quantity of textbooks supplied is 10,000 per year and the quantity of textbooks demanded is 8,000 per year, there is a ________ in the market and the price will ________
A) shortage; rise B) shortage; fall C) surplus; rise D) surplus; fall
Consider the following four investors. Rank each according to who has the most to gain from investing in 30-year tax-exempt municipal bonds. Each investor has $1,000 in a savings account that he/she plans to use to buy bonds. Explain briefly why you ranked the investors this way.(a) A 20-year old college student who earns low income through working over summers and breaks. The student plans to graduate next year.(b) The CEO of a large company who is currently in the highest tax bracket.(c) A middle-income household saving up to move into a larger home.(d) A 60-year old nurse who plans to retire at age 62. He uses a tax-exempt pension fund for all of his savings.
What will be an ideal response?
The increase in output that results when one more unit of a variable input is hired is called
A) total physical product. B) marginal physical product. C) average physical product. D) marginal revenue.
If MUx/Px exceeds MUy/Py, then a household can increase its utility by spending more on Y and less on X.
Answer the following statement true (T) or false (F)