A strategy is called a pure strategy if it involves choosing ________
A) one particular action for a situation
B) different combinations of actions for a situation
C) an action that yields a higher payoff to the opponent
D) an action that yields zero payoff to the player
A
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A point inside a nation's production possibilities curve can represent:
a. a recession. b. an increase in population size. c. an economic growth. d. a technological advancement. e. an improvement in living standards.
Which of the following is true of a price floor?
a. A price floor allows supply and demand to function effectively. b. A price floor is set such that the price is not allowed to increase above a certain level. c. A price floor is beneficial to buyers in a market. d. A price floor usually creates a shortage of a good in a market. e. A price floor is set such that the price is not allowed to decrease below a certain level.