What is a dominant strategy?
What will be an ideal response?
In game theory, a dominant strategy is a strategy that is best no matter what the opposition does.
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Which component of federal spending is included in GDP?
A) transfer payments B) government purchases C) net exports D) capital supply
If a tariff is imposed on imports of shrimp into the United States, U.S. producers ________ and the U.S. economy will ________
A) gain; be unaffected B) gain; lose C) lose; lose D) gain; gain E) lose; gain
The difference between the cost of raw materials and the price of the final good is known as
a. value added. b. capital consumption allowance. c. a transfer payment. d. net national product.
The international agreement signed in 1947 to promote world trade by reducing tariffs and other barriers to international trade was called
A) GATT. B) NAFTA. C) WTO. D) Bretton-Woods agreement.