A game of incomplete information is distinct from one of complete information in that players:
a. do not observe each others' actions.
b. do not know each others' payoff functions.
c. do not know the timing of moves.
d. use mixed strategies.
b
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A subsidy equal to the marginal private benefit of a good can be used to make a market with a positive externality efficient
a. True b. False
Price makers always have to deal with ______.
a. a segmented demand curve b. a horizontal demand curve c. an upward sloping demand curve d. a downward sloping demand curve
In an economy, 180 million workers are employed out of a labor force of 200 million and a total population of 310 million. The unemployment rate is:
a. 3.1 percent b. 1.85 percent c. 10 percent d. 5 percent
In which of the following ways is a monopolistically competitive firm like a perfectly competitive firm?
A. Short-run economic profits are always positive. B. Short-run economic profits may be positive, negative, or zero. C. Long-run economic profits are negative. D. Long-run economic profits are positive.