A strategy is dominant if
A) it yields a greater payoff than any other player receives.
B) it yields a payoff at least as large as that from any other strategy, regardless of the actions of other players.
C) the player cannot gain by changing strategy, assuming that no other player changes strategy
D) it is part of a Nash equilibrium.
B
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Refer to Figure 2-13. Which country has a comparative advantage in the production of coconuts?
A) Guatemala B) Costa Rica C) They have equal productive abilities. D) neither country
Firms use information on labor's marginal revenue product to determine
A) how much marginal product to produce at each wage rate. B) how many workers to hire at each wage rate. C) how much to produce at each output price. D) how much labor services to supply at each wage rate.