How does a dominant strategy equilibrium occur in a simultaneous move game?
What will be an ideal response?
A dominant strategy equilibrium occurs in a simultaneous move game when each player has one best response to every possible strategy of the other player(s).
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A disadvantage of the travel cost method is
a. it cannot determine monetary values b. it estimates only user value and not existence value c. it focuses on recreational use making it ineffective for commercial use d. all of the above e. (b) and (c) only
A demand curve generally
a. is a straight horizontal line. b. is a straight vertical line. c. slopes downward to the right. d. slopes downward to the left.
For a monopoly, the value of the next worker equals
A) MR ? MPL. B) p ? MPL. C) MPL. D) w/MPL.
Long-run elasticity of supply is defined as
a. percentage change in quantity demanded in the long run divided by percentage change in price. b. percentage change in price divided by percentage change in quantity demanded in the long run. c. percentage change in quantity supplied in the long run divided by percentage change in price. d. percentage change in price divided by percentage change in quantity demanded in the long run.