Identify the statement that best defines Nash equilibrium.
A. It is a sequence of actions, where the actions are taken at each node of the game.
B. It is a set of strategies that gives a player the first-mover advantage.
C. It is a sequence of actions that are taken to influence the actions of rivals.
D. It is a set of strategies in which a firm does the best it can, given the action of its rival.
Answer: D
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According to the law of one price, identical products should sell for the same price everywhere if
A) transactions costs are zero. B) consumers have knowledge of the prices charged for products in different markets. C) there are no tariffs or other restrictions on imports or exports. D) firms can prevent consumers from engaging in arbitrage.
Refer to Scenario 5.5. Which of the following statements is true?
A) The expected cost of not fixing the car is less than the cost of fixing it. B) The expected cost of not fixing the car is greater than the cost of fixing it. C) It is not possible to tell whether the expected cost of fixing the car is less than the cost of fixing it, because the probabilities are subjective. D) It is not possible to tell whether the expected cost of fixing the car is less than the cost of fixing it, because the probabilities are not equal.
Which of the following expresses the equation of exchange?
A. MP = VY B. MV = PY C. MV = Y D. MY = PV
The process of developing local industries to manufacture goods to replace imports is known as
A. export favoritism. B. export promotion. C. import promotion. D. import substitution.