An equilibrium in which each player chooses its best strategy given the strategies chosen by the other players is called a Nash equilibrium
Indicate whether the statement is true or false
TRUE
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The decline of output of other domestic auto producers besides Ford, General Motors and Chrysler occurred in the presence, even before 1970, of rising sales of imported cars in the U.S. market
Indicate whether the statement is true or false
The social costs of an activity are greater than the private costs of the activity when
A) a person does not pay all costs associated with a particular resource-using activity. B) the internal costs of the resource-using activity are less than the external costs of the activity. C) the internal costs of the resource-using activity are positive. D) the external costs of the resource-using activity are zero.
Unemployment insurance pools risk across __________, and Social Security and Medicare pool risk across __________
A. time; the labor force. B. the labor force; all retired people. C. time; age. D. the labor force; time.
Economics is best defined as the study of:
A. whether we will have enough resources in the future. B. choice in the face of limited resources. C. the financial concerns of businesses and individuals. D. the role of government in limiting the choices people make.