A player's best response is
A) the strategy that maximizes his payoff given what he thinks the other player will do.
B) a dominant strategy.
C) impossible to find when there isn't a Nash equilibrium.
D) a way to avoid the prisoners' dilemma.
A
Economics
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If the price of gasoline increases and the price of food remains the same, then real income measured in terms of
A) gasoline increases. B) gasoline decreases. C) food increases. D) food decreases.
Economics
Assume that markets clear. If in the labor market there is
a. an excess supply of labor, wages will rise b. an excess demand for labor, wages will fall c. an excess demand for labor, wages will rise d. an excess supply of labor, wages stay constant e. a decline in labor demand, wages will rise
Economics