The setting of minimum wages in the U.S. began with the ________

In a three-player game, a Nash equilibrium exists when all players are playing their best response to one another

Indicate whether the statement is true or false

Which of the following is a determinant of the price elasticity of demand for a product? I. The existence of substitute goods II. The percentage of a consumer's total budget devoted to purchases of that commodity

A) I only B) II only C) both I and II D) neither I nor II