A strategy is dominated if:
A. there are no other strategies that yield higher payoffs, regardless of others' choices.
B. there is some other strategy that yields a strictly higher payoff regardless of others' choices.
C. there is some other strategy that yields a strictly higher payoff in some circumstances and that never yields a lower payoff regardless of others' choices.
D. there is some other strategy that yields a strictly higher payoff in some circumstances and may yield a lower payoff, depending upon other players' choices.
B. there is some other strategy that yields a strictly higher payoff regardless of others' choices.
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Investments made "today" in machines, equipment and buildings do not have an immediate effect on total capital stock
Indicate whether the statement is true or false
What is the name of the agreement related to intellectual property rights?
What will be an ideal response?
Answer the following statement(s) true (T) or false (F)
1. An attorney that finds a loophole in a law has formed a creative response to the law. 2. The amount of output produced by two firms in a Cournot oligopoly setting is greater than that produced by a monopoly, but smaller than that which would be produced if the market were perfectly competitive. 3. According to the Bertrand model, price and output is higher under oligopoly than under competition. 4. A firm has monopoly power when it is the single seller of a good or service. 5. If a monopoly desires to raise its profits, it can simply raise the price it charges.
The above figure depicts the Edgeworth box for two individuals, Al and Bruce. Points a and b
A) are most likely to reflect the final allocations after trading. B) are least likely to reflect the final allocations after trading. C) are equally likely to reflect the final allocations after trading than other points on the contract curve. D) are definitely not the final allocations after trading.