Refer to the scenario above. If the players have to pay a fairness penalty of $7,000, ________
A) this game will no longer have a Nash equilibrium
B) this game will have two Nash equilibria
C) Nash equilibrium will occur when Mathew chooses bad and Peter chooses good
D) Nash equilibrium will occur when Mathew chooses good and Peter chooses bad
B
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The price elasticity of demand is always positive, as is the price elasticity of supply. Is the cross elasticity of demand always positive? Explain your answer
What will be an ideal response?
In reference to the federal income tax system, a tax bracket is
A) the income range within which a tax rate applies. B) the estimated amount of federal income tax firms withhold from their employees' paychecks. C) the formula the federal government uses to determine the dollar amount of the personal exemption and the amounts taxpayers are allowed for deductions from their incomes. D) used to determine the average tax rate.