A game in which each player adopts its dominant strategy
A) will not lead to an equilibrium. B) can never result in a Nash equilibrium.
C) could result in a Nash equilibrium. D) must be a cooperative game.
C
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The ratio at which a country can trade its exports for imports from other countries is called
A) a free trade agreement. B) the terms of trade. C) a trade barrier. D) autarky.
The income effect of an increase in the price of salmon
A) refers to the effect on a consumer's purchasing power which causes the consumer to buy less salmon, holding all other factors constant. B) is the change in the demand for salmon when income increases. C) refers to the relative price effect—salmon is more expensive compared to other types of fish—which causes the consumer to buy less salmon. D) is the change in the demand for other types of fish, say trout, that results from a decrease in purchasing power.