A Nash equilibrium occurs when ________
A) each player has a dominant strategy
B) none of the players has a dominant strategy
C) each player can increase his payoff by choosing a different strategy
D) none of the players can increase their payoffs by choosing a different strategy
D
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Some people assert that protection from foreign competition prevents rich countries from exploiting developing countries. What is this argument in more detail and what is its flaw?
What will be an ideal response?
If the cross price elasticity of demand for fries with respect to hamburgers equals -1.2, then: a. a 1% increase in the quantity of hamburgers purchased will lead to a 1.2% increase in the price of fries
b. a 10% increase in the price of a hamburger will lead to a 12% increase in the quantity of fries demanded at a given price. c. a 1% decrease in the price of a hamburger will lead to a 1.2% increase in the quantity of fries demanded at a given price. d. a 10% increase in the quantity of hamburgers purchased will lead to a 12% increase in the price of fries.