A Nash Equilibrium in a game is that outcome in which:
A. each player is doing the best he or she can given the other player's action.
B. the players' profits are equal.
C. the players earn the highest profits possible.
D. neither player plays his or her dominant strategy.
Answer: A
You might also like to view...
Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
"30 people camp on the sidewalk in 10 degree weather for Phish reunion concert tickets, sold only at the door." In the economic way of thinking, the people camping out are
A) competing against other Phish fans for concert tickets. B) taking what they believe is an efficient strategy for acquiring a scarce good. C) planning to cooperate with the sellers of the concert tickets. D) doing all the above.
Which of the following will cause an increase in aggregate supply?
A) decreased competition B) an increase in the price level C) an increase in marginal tax rates D) a decrease in input prices
The long run is a planning period:
a. during which the firm can vary its plant size. b. less than six months. c. less than one year. d. less than five years.