A dominant strategy is one which
a. is best for a player no matter what strategy the other player chooses.
b. is optimal given the other player's strategy, but may not be optimal should the other player switch strategies.
c. will lead to a Pareto-optimal outcome.
d. will be chosen by the first player in a sequential game.
a. is best for a player no matter what strategy the other player chooses.
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The ratio of total costs to the quantity produced is referred to as
A) average fixed costs. B) average variable costs. C) marginal costs. D) average total costs.
Relating to the Economics in Practice on page 362: The smart phone app which allows skiers at a slope to report weather conditions to others could be considered a form of
A. market signaling. B. asymmetric information. C. moral hazard. D. risk-loving.
The table below shows four alternative techniques for assembling a car. Which of the four techniques for assembling a car cannot be economically efficient with any input prices?
A) T-1 B) T-2 C) T-3 D) T-4
A cost center is
a. evaluated based on minimizing costs within the division b. evaluated based on maximizing costs within the division c. evaluated based on minimizing profits generated by the division d. evaluated based on maximizing profits generated by the division