A "mixed strategy" equilibrium means that
A) the strategies chosen by the players represent different behaviors.
B) one player has a dominant strategy, and one does not.
C) one player has a pure strategy, and one does not.
D) the equilibrium strategy is an assignment of probabilities to pure strategies.
E) the equilibrium strategy involves alternating between a dominant strategy and a Nash strategy.
D
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In the United States, the central bank is called the:
A) Federal Reserve Bank. B) National Bank of America. C) Reserve Bank of America. D) Bank of America.
Poppy Lipstick is a lipstick producer. A decrease in the rent paid by Poppy Lipstick
A) shifts its TFC curve downward but not its TVC curve. B) shifts both its TFC curve and its TVC curve downward. C) does not shift its TFC curve but shifts its TVC curve upward. D) does not shift its TFC curve but shifts its TVC curve downward.
Max has allocated $100 toward meats for his barbecue. His budget line and indifference map are shown in the above figure. If Max is currently at point e,
A) his MRS is less than the trade-off offered by the market. B) he is willing to give up more burger than he has to, given market prices. C) he is not maximizing his utility. D) All of the above.
A market basket is made up of three goods, 10X, 12Y, and 18Z. The prices in the base year are $1.20, $2.10, and $3.25, respectively. The prices in the current year are $1.44, $2.23, and $3.88. What is the approximate consumer price index in the current year?
A) 103 B) 111 C) 116 D) 110 E) 96