A subgame-perfect equilibrium:
a. is not a Nash equilibrium; it is a refinement of Nash equilibrium.
b. is an equilibrium concept used in simultaneous games.
c. is a special sort of Nash equilibrium.
d. can be ruled out using backward induction.
c
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The figure above shows the demand for and supply of labor of students in Smallville. If the minimum wage is set at $4 per hour, how many hours do students work?
A) 12,000 hours B) 9,000 hours C) 6,000 hours D) None of the above answers is correct.
Advertising ________ have the potential to mislead ________ buyers about the characteristics of experience goods.
A) does; first-time B) does not; first-time C) does; repeat D) does not; greenwashed
A monopolist's short-run supply curve is
a. its average fixed cost curve b. the part of the marginal cost curve above the average variable cost curve c. the part of the marginal cost curve below the average variable cost curve d. nonexistent e. its demand curve
Because of the absolutism concept of poverty, a poor family in the United States will fall within the same category as a poor family in Cuba
a. True b. False Indicate whether the statement is true or false