Explain what it means to have a mixed-strategy equilibrium in a zero-sum game. What happens if a player deviates from this mixed-strategy equilibrium?
What will be an ideal response?
At a mixed-strategy equilibrium in a zero-sum game, both players are playing their ideal mixtures, given the ideal mixture of their opponent. If a player deviates from this equilibrium (and therefore from his or her ideal mixture), the player's payoff will fall.
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The table above gives the aggregate demand and aggregate supply schedules in Lotus Land. Lotus Land is in short-run macroeconomic equilibrium
In the long run, if aggregate demand does not change, then Lotus Land will return to full employment as ________. A) the money wage rate rises B) the money wage rate falls C) businesses cut their imports D) the government cuts taxes
Which of the following groups of people would be included in the official unemployment rate?
a. part-time workers b. workers temporarily laid off from jobs to which they expect to return c. discouraged workers d. all of the above