What is the difference between a pure strategy and a mixed strategy?
What will be an ideal response?
A pure strategy in a game involves choosing a single action for a situation. A mixed strategy involves choosing between different actions randomly.
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Suppose an economist tests the theory that when the price of leather increases, fewer pairs of shoes are produced. He observes more shoes being produced when the price of leather increases. At the same time, a new production technology allowed for more shoes to be produced in less time. He has
A. confused association and causation. B. misunderstood the Ceteris paribus assumption. C. used normative economics to answer a positive question. D. built an untestable model.
If the government wants to encourage the consumption of a particular good, they should enact:
A. a subsidy to buyers, since they deserve the benefit more than the producers. B. a subsidy on either buyers or sellers, since they will both have the same effect on the market. C. a subsidy to buyers, since they want to affect consumption of the good. D. a subsidy to sellers, since they want more to be produced and offered for sale.