When playing a game, a mixed strategy refers to
A) randomly selecting a strategy.
B) consistently alternating between two strategies each time a game is played.
C) never playing the same strategy twice in a row.
D) never playing the same strategy more than once.
A
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The cost-plus-markup theory of price setting
A) explains why firms can't raise their prices until their costs rise. B) explains why percentage markups vary. C) is consistent with what many sellers say about how they set their prices. D) takes demand into account in explaining relative prices.
Real income equals a household's income
A) in terms of the quantity of goods the household can buy. B) multiplied by the prices of the goods it buys. C) divided by the prices of the goods it buys. D) multiplied by the relative prices of the goods it buys.