In game theory, a Nash equilibrium is
a. an outcome in which each player is doing his best given the strategies chosen by the other players.
b. an outcome in which no player wishes to change her chosen strategy given the strategies chosen by the other players.
c. the outcome that occurs when all players have a dominant strategy.
d. All of the above are correct.
d
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Suppose there are two countries (country A and country B) each with its own currency (Currency A and Currency B). Suppose the exchange rate is expressed in terms of amount of Currency A needed to get Currency B. A weakening of Currency A would show up as
A. an increase in the interest rate. B. a decrease in the exchange rate. C. a decrease in the interest rate. D. an increase in the exchange rate.
In a market for a homogeneous good, if sellers and buyers can enter or exit a market freely, the market is most likely:
A. an oligopoly. B. a monopolistically competitive market. C. a monopoly. D. a perfectly competitive market.