What is the solution to a simultaneous-move game when both sides do not have dominant strategies?
What will be an ideal response?
If just one player has a dominant strategy, the other player knows that the dominant strategy will be chosen and can plan accordingly. When looking for a quick solution players should check for a dominant strategy themselves first and lacking one, should then check for a dominant strategy for their opponents.
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Once you find the opportunity cost of producing one unit of a good, to find the opportunity cost of producing the other good, you must
A) take the inverse. B) do nothing because the opportunity cost for the first good is the same as the opportunity cost for the second good. C) multiply by the total amount produced of the second good. D) divide by the total amount produced of the second good. E) None of the answers is correct.
When the economy is in a recessionary gap, the labor market is experiencing a surplus
Indicate whether the statement is true or false