Comment on the following statement: "If one player in the game does not have a dominant strategy, it is impossible to predict the outcome of the game."
What will be an ideal response?
The statement is false. If one player has a dominant strategy and the other player knows it, then the outcome is predictable. For example, if player A will go right when player B moves left and vice versa, we can predict what player A will do if player B has a dominant strategy. If player B's dominant strategy is to move right, then we know that player A will move left.
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The ability to produce a good using fewer resources than someone else is called
A) absolute advantage. B) comparative advantage. C) specialization. D) protectionism.
If you use a check to pay your monthly rent,
A) the check is considered money because you received something in return. B) the check is not money because it is just an instruction to your bank to make a payment. C) you have used money because the landlord accepted it as a means of payment. D) the check becomes money when it arrives at the landlord's bank. E) the check is not money because it is not part of M1.