A "mixed strategy" equilibrium means that
A) the strategies chosen by the players represent different behaviors.
B) one player has a dominant strategy, and one does not.
C) one player has a pure strategy, and one does not.
D) the equilibrium strategy is an assignment of probabilities to pure strategies.
E) the equilibrium strategy involves alternating between a dominant strategy and a Nash strategy.
D
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If Tom can wax a car in fewer hours than Jerry, then Tom definitely has
A) a comparative advantage in car waxing. B) an absolute advantage in car waxing. C) both a comparative and an absolute advantage in car waxing. D) neither a comparative nor an absolute advantage in car waxing. E) an undetermined advantage because we do not know how long it takes Tom and Jerry to wash a car.
The economic point of view assumes central bankers, bureaucrats, elected politicians, and tax collectors
A) are immoral. B) act selfishly. C) respond to incentives. D) act in the national interest.