Which of the following is true?
a. A Nash equilibrium maximizes a player's welfare, regardless of the behavior of a competitor while a dominant strategy maximizes a player's welfare, given the actions of its competitor.
b. A Nash equilibrium maximizes a player's welfare, given the actions of its competitor, while a dominant strategy maximizes a player's welfare, regardless of the behavior of
its competitor.
c. A Nash equilibrium is just another name for a dominant strategy.
d. A Nash equilibrium may or may not be a self-enforcing equilibrium.
b
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Economists believe the "full employment" level of unemployment is
(a) 0 percent (b) 2 percent (c) 5 percent (d) 10 percent
Which of the following statements is TRUE about the difference between a public and private good?
A) Both public and private goods are owned by individuals but public goods can be shared while private goods cannot be shared. B) The government produces private goods while corporations produce public goods. C) Consumption of a private good by one person reduces the amount available for others while the consumption of a public good does not reduce the amount available for others. D) Resources are used to produce private goods but are not used to produce public goods.