When a strategy is the best one to follow no matter what strategy other players choose, it is called a:
A. dominated strategy.
B. golden decision.
C. zero-sum strategy.
D. dominant strategy.
Answer: D
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In the short run, a price searcher wishing to maximize profits or minimize losses should produce the output that
a. equates marginal cost with marginal revenue. b. equates marginal cost with price. c. corresponds to the lowest point on the average variable cost curve. d. corresponds to the lowest point on the average total cost curve.
When the market price is above the equilibrium price, the quantity of the good demanded exceeds the quantity supplied
a. True b. False Indicate whether the statement is true or false
The Laffer curve is based upon the idea that
A. the higher the tax rate the greater the tax receipts. B. high tax rates may yield less tax revenue than lower tax rates. C. the lower the tax rate the greater the tax receipts. D. income taxes are inefficient because tax reform has made it more difficult to legally avoid taxation.
Empirical studies suggest that, other things equal, the smaller the number of hospitals in a city, the lower are nurses' wages. This is evidence that:
A. the labor markets of nurses are purely competitive. B. hospitals may possess some degree of monopsony power. C. the minimum wage does not apply to nurses. D. labor unions have been ineffective in increasing the wages of nurses.