All of the following are characteristics of a chicken game except
A) each player has a tough strategy and a weak strategy.
B) coordination occurs when both players either play their tough strategies or both players play their weak strategies.
C) each player prefers the Nash equilibrium corresponding to his or her tough strategy.
D) each player prefers a different Nash equilibrium.
B
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When we solve the firm's dual production problem (i.e., maximize output subject to a cost constraint) by the method of Lagrange multipliers, the optimal value of the Lagrange multiplier equals the:
A) marginal product per unit cost of each variable input. B) marginal product of capital. C) marginal product of labor. D) marginal cost of production.
Some economists believe that in the long run, the unemployment rate is independent of the inflation rate and so the Phillips curve becomes a vertical line
a. True b. False Indicate whether the statement is true or false