If we depict a simultaneous move, complete information game in a game tree, each player only has one information set no matter how many players there are in the game.
Answer the following statement true (T) or false (F)
True
Rationale: Since the game is a simultaneous move game, no new information can be revealed along the game tree.
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In 2009, Samoa changed from everyone driving on the right side of the road to everyone driving on the left side of the road. Although everyone agreed that it was important to drive on the same side of the road, some Samoans were not happy about the change. This created a disagreement about which Nash equilibrium was the best equilibrium, and therefore represented
A) an assurance game. B) a pure coordination game. C) a battle of the sexes game. D) a prisoner's dilemma game.
Which of the following factors is always present in consumer decision making?
A. Taxes B. High prices C. Scarcity D. Changing consumer tastes E. Cost-of-living adjustments to income
The dummy variable trap is an example of
A) imperfect multicollinearity B) something that is of theoretical interest only C) perfect multicollinearity D) something that does not happen to university or college students
A firm sells 300,000 units per week. It charges $ 35 per unit, the average variable costs are $40, and the average costs are $55 . In the short run, the firm should
a. Shut-down as the firm is making a loss of $15 million per week b. Shut-down as the firm cannot cover the variable costs c. Shut down because the price is lower than average cost d. None of the above