In a two-player simultaneous game where neither player has a dominant strategy,
A) there is never a Nash equilibrium
B) there is only one Nash equilibrium
C) the actual outcome can be unpredictable
D) the actual outcome will not be a Nash equilibrium
C) the actual outcome can be unpredictable
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Slope is measured as rise/run.
Answer the following statement true (T) or false (F)
The adjustment of the ____________ is the rationing mechanism in market economies.
A. price B. competition C. government D. None of the choices are correct.
If Priscilla regards cheese and crackers as perfect complements, then
a. her indifference curves slope upward. b. her indifference curves are straight lines. c. Priscilla prefers lower indifference curves to higher ones. d. for Priscilla a bundle of 5 crackers and 5 ounces of cheese is just as good as a bundle of 5 crackers and 8 ounces of cheese.
If unemployment and inflation move inversely, then we can infer that business fluctuations are
A. from the demand side. B. from the supply side. C. from both the demand and supply side. D. purely random events.