A player has a dominant strategy when:
A) her chosen strategy gives her a lower payoff than the other player.
B) her chosen strategy matches the best response of other players in the game.
C) she has many best responses to any strategy of the other player in the game.
D) she has only one best response to every possible strategy of the other player.
D
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If Helen gives up the opportunity to bake 40 cakes for each room she paints and Josh can paint one room in the time it takes him to bake 60 cakes, which of the following is true?
a. The opportunity cost of painting is higher for Helen. b. The opportunity cost of baking cakes is lower for Josh. c. The opportunity cost of painting one room is 1/40 of a cake for Helen. d. The opportunity cost of baking one cake is 60 rooms painted for Josh. e. The opportunity cost of cakes cannot be computed.
Which of the following is true of deadweight loss?
a. It occurs when taxes are imposed on a market b. It occurs when there is a surplus in a market. c. It occurs when there is a shortage in an economy. d. It occurs when there is a budget deficit in an economy.