Refer to Table 14-5. Does Ming have a dominant strategy? If yes, what is it?
A) Yes, Ming's dominant strategy is to wait to see what Henri does first.
B) No, Ming does not a dominant strategy - his best outcome depends on what Henri does.
C) Yes, Ming's dominant strategy is to not to offer free pickup and delivery.
D) Yes, Ming's dominant strategy is to offer free pickup and delivery.
D
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The opportunity cost to you of an action is
a. how much you must pay for the opportunity to take the action. b. the value to you of the next best action you could have taken. c. the cost to society of giving you the opportunity to take the action. d. the dollar cost to you of the action.
Which of the following statements regarding comparisons of productivity across two firms is true?
A. The firm with the higher APL is the more productive firm. B. The firm with the higher MPL is the more productive firm. C. The firm with the lower MPL is the more productive firm. D. The average product of labor can vary with the choice of inputs and the level of outputs, so the firm with the higher APL may not be the most productive.