A dominated strategy
A) exists when one firm is weaker than another.
B) only occurs in a mixed strategy scenario.
C) is one that is never used by a rational actor.
D) is a characteristic of games with multiple Nash equilibria.
C
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In the United States, all property is privately owned.
Answer the following statement true (T) or false (F)
If you spend a large portion of your income on a good,
A) supply of that good would be price elastic. B) demand for that good is more elastic than if you spent a smaller portion of your income on the good. C) supply of that good is price inelastic. D) demand for that good is less elastic than if you spent a smaller portion of your income on the good. E) the good must be able to be produced at a constant (or gently rising) opportunity cost.
How does a decrease in the demand for wheat ultimately lead to normal profits for wheat growers in the long run?
What will be an ideal response?
The balance of payments equals
A) the sum of the current account and the financial account. B) the current account minus net unilateral transfers. C) net investment income from abroad. D) the net increase in a country's official reserve assets.