A dominant strategy can best be described as
A) a strategy taken by a dominant firm.
B) the strategy taken by a firm in order to dominate its rivals.
C) a strategy that is optimal for a player no matter what an opponent does.
D) a strategy that leaves every player in a game better off.
E) all of the above
C
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When the marginal product of labor diminishes,
a. average fixed cost rises. b. average variable cost is constant. c. marginal cost rises. d. average total cost must rise. e. total cost rises at a diminishing rate.
Which of the following hypothetical examples would be a restriction on the import of services?
A) The United States restricts foreign companies from carrying cargo between two U.S. cities. B) Japan restricts North Koreans from visiting Tokyo Disneyland. C) China does not allow the importation of rice from Thailand. D) Canada does not allow Air Canada to buy Brazilian aircraft.
Society's production possibilities curve is primarily concerned with answering the economic question of what goods and services a society can produce.
a. true b. false
The main advantage that ACE models have over other models is that:
A. they primarily use deductive methods. B. they eliminate the importance of mathematics. C. economists do not have to "solve" the model on their own. D. they look only at single equilibrium outcomes.