When competition is present, self-interested business decision makers have a strong incentive to
a. produce efficiently.
b. ignore the wishes of customers who are also self-interested.
c. adopt technological improvements slowly in order to avoid making wrong decisions
d. maximize price in order to maximize profits.
A
Economics
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The binary dependent variable model is an example of a
A) regression model, which has as a regressor, among others, a binary variable. B) model that cannot be estimated by OLS. C) limited dependent variable model. D) model where the left-hand variable is measured in base 2.
Economics
In game theory, the outcome achieved when each player's choice does not depend on what the other player does is called:
a. the Nash equilibrium. b. the dominant-strategy equilibrium. c. the tit-for-tat strategy. d. prisoner's dilemma.
Economics