Refer to the payoff matrix below. Which of the following is true for Happy Campers?
A) They have one dominated strategy.
B) They have three dominated strategies.
C) They have two dominated strategies.
D) They have zero dominated strategies.
A) They have one dominated strategy.
Economics
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If an economy is producing a combination of goods that places it inside the production possibilities curve, then it has:
A) economic growth. B) full employment. C) efficiency. D) idle factors of production or inefficient use of resources.
Economics
What condition must be satisfied so that society is producing the efficient mix of output? Why does this condition guarantee efficiency?
What will be an ideal response?
Economics