The relationship between a pure-strategy Nash equilibrium and a dominant-strategy equilibrium is that
A) a dominant-strategy equilibrium is a special case of a pure-strategy Nash equilibrium.
B) a pure-strategy Nash equilibrium is a special case of a dominant-strategy equilibrium.
C) they are the same.
D) there may not be a dominant-strategy equilibrium, but there always is a pure-strategy Nash equilibrium.
E) they are mutually exclusive and exhaustive, in that a dominant-strategy equilibrium is the same thing as a mixed-strategy Nash equilibrium.
A
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The current account is
A) the reserve assets created by the International Monetary Fund for countries to use in settling international payment obligations. B) the price of one nation's currency in term of the currency of another country. C) a category of the balance of payments transactions that measures flows of real and financial assets. D) a category of the balance of payments transactions that measures the exchange of merchandise, the exchange of services, and unilateral transfers.
In the long run, both monopolistically competitive and perfectly competitive firms attain
A) lowest cost production. B) positive economic profits. C) zero economic profits. D) productive efficiency.