When a player in a game adopts a strategy which always yields the highest benefit regardless of what the other player does, that player is using a(n)
A. dominant strategy.
B. aggressive strategy.
C. opportunistic strategy.
D. tit-for-tat strategy.
Answer: A
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Suppose that elasticity has been reliably measured as 1.55 and the unit price decreases from $20 to $17.50. How much will quantity demanded increase?
What will be an ideal response?
All the land in a California valley is owned by one person. The supply of land is fixed and is rented each year to farmers who bid for it in an open auction. Given the rents they must pay, the farmers barely earn subsistence. Sympathy for the poor farmers leads the state to bring in irrigation facilities to raise the productivity of the farms and raise the farmers' income. The most likely outcome
is a. the farmers will prosper. b. the farmers and the landlord will share the new prosperity. c. only the landlord will prosper. d. no one will prosper.
Monopolistically competitive firms differentiate their products by:
A. selling products with slightly different physical characteristics. B. selling products at different locations. C. creating a special aura or image for the product with advertising. D. All of these
The balance sheet below is for the First Federal Bank. Assume the required reserve ratio is 20 percent.
Refer to the above information. If the original bank balance sheet was for the whole commercial banking system rather than a single bank, loans and deposits could have been expanded by a maximum of:
A. $40,000
B. $100,000
C. $200,000
D. $300,000