In the beauty contest where players predict the outcome of players choosing a number between 0 and 100
A) the Nash equilibrium is 0.
B) your prediction should be based on what you think the winning number will be.
C) the Nash equilibrium is 33.
D) there is no Nash equilibrium because people are not rational.
A
Economics
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How does a cartel differ from an oligopolistic industry?
A. Oligopolistic industries cannot make economic profit. B. Cartels reduce uncertainty to maximize profits. C. Cartels are legal while oligopolies are illegal. D. Oligopolies face large amounts of competition while cartels do not.
Economics
What is the maximum amount of good X that can be purchased if X and Y are the only two goods available for purchase and Px = $10, Py = $20, Y = 5, and M = 400?
A. 40 B. 80 C. 30 D. 20
Economics