Which of the following is true of a Nash equilibrium?
A) A game can have only one Nash equilibrium.
B) No player can improve his payoff by changing his strategy once in Nash equilibrium.
C) A Nash equilibrium cannot occur if each player is aware of the strategies of other players.
D) A Nash equilibrium occurs if each player earns a zero payoff irrespective of the strategy he chooses.
B
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If a marginal cost pricing rule is imposed on the firm in the figure above, the deadweight loss will be
A) zero. B) $100. C) $200. D) $50.
Draw a graph illustrating a competitive firm in short-run equilibrium that is earning an economic profit. Be sure to label all curves and axes correctly.
What will be an ideal response?
The failure of communism in a large number of countries is at least partly explained by
a. the fact that those countries relied absolutely on the invisible hand. b. the fact that those countries did little or nothing to restrict trade with other countries. c. the lack of information, on the part of central planners in those countries, about tastes and preferences in their economies. d. the lack of information, on the part of central planners in those countries, about how much authority the government had in affecting economic outcomes.
If GNP is $800 billion and depreciation is $90 billion, then net national product is
A. $710 billion. B. $845 billion. C. $890 billion. D. $980 billion.