A Nash equilibrium occurs when
A) each firm is doing the best it can given its opponents' actions.
B) each firm chooses the strategy that maximizes its minimum gain.
C) a player can choose a strategy that is optimal regardless of its rivals' actions.
D) there is no dominant firm in a market.
A
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To make a rational choice, a person
A) adds the total costs to determine if the total is small enough. B) adds the total benefits and the total costs and then compares the two totals. C) takes account of all benefits and all opportunity costs, including both marginal costs and sunk costs. D) adds the total benefits to determine if the total is large enough. E) compares the extra benefits of one more unit to the extra costs of one more unit.
Which of the following is included in GDP?
a. The imputed rental value of a family-owned home b. The sale prices of all previously built homes c. Social security payments to retirees d. The salary of a U.S. scientist working in a foreign country e. Purchases of stocks and bonds
How does the monopolist calculate profit per unit, and total profit?
Which of the following topics is not a part of a typical scenario plan?
a. Expected changes in corporate governance practices. b. Expected changes in labor-management relations. c. Expected changes in government intervention and regulations. d. Expected changes in country infrastructure. e. Expected changes in budgets and capital budgeting projects.