Playing the equilibrium of a one-stage game over and over again when the one-stage game is repeated is:
B. only a Nash equilibrium if the game is finite.
C. only a Nash equilibrium if the game is infinite.
D. dominated in some cases.
A. always a Nash equilibrium.
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A rational choice is one that
A) must be made with perfect information. B) is made in the social interest rather than the self-interest. C) creates no costs for the decision maker. D) always turns out for the best for the decision maker. E) uses the available resources to most effectively satisfy the wants of the person making the choice.
The larger the MPS, the smaller the value of the multiplier
Indicate whether the statement is true or false
Once a division manager sees that production goal for a time period is likely to be met
a. he has an incentive to increase the pace of production b. he has an incentive to decrease the pace of production c. he does not have an incentive to change the pace of production d. he has an incentive to produce other products
Here are three possible definitions of "Compensating Variation": I. the amount a person would be willing to pay to avoid a price increase. II. the amount of additional income needed to allow a person to restore his or her utility back to its initial level after it has been reduced by a price increase. III. the amount of income that a person who experienced a price increase would be willing to pay
to see the price return to its earlier level. Which of these definitions is (are) correct? a. Only I b. I and II c. II and III d. Only III