Refer to the game between James and Theodore depicted in Figure 12.1. Who has a dominant strategy?
A. Only James
B. Only Theodore
C. Both James and Theodore
D. Neither James nor Theodore
A. Only James
You might also like to view...
Between 1947 and 2014, U.S. real GDP
A) remained relatively unchanged. B) doubled. C) grew eightfold. D) decreased even though nominal GDP increased.
When competitive forces in an industry are weak,
a. the absence of competition generally leads to overproduction. b. prices may exceed the amount consumers are willing to pay. c. the operational efficiency of private firms will be enhanced. d. higher prices and less than optimal production may result.
A firm's _______ contains all combinations of inputs and outputs that are possible given the firms' technology.
A. production possibilities set B. efficient production frontier C. production function D. production possibilities curve
For which pairs of goods is the cross-price elasticity most likely to be positive?
a. canoes and kayaks b. pizza and college textbooks c. Halloween candy and rain coats d. cats and cat food