A dominant strategy is one which
a. is best for a player no matter what strategy the other player chooses.
b. is optimal given the other player's strategy, but may not be optimal should the other player switch strategies.
c. will lead to a Pareto-optimal outcome.
d. will be chosen by the first player in a sequential game.
a. is best for a player no matter what strategy the other player chooses.
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A correlation between two variables implies that:
A) there is a cause-effect relationship between the two variables. B) it is impossible to measure one variable without measuring the other. C) there is a mutual relationship between both the variables. D) when one variable changes, the other variable always changes by exactly the same amount.
The entry of new firms into a perfectly competitive market will cause:
A) both the equilibrium price and quantity to increase. B) both the equilibrium price and quantity to decrease. C) the equilibrium price to increase but the equilibrium quantity to decrease. D) the equilibrium price to decrease but the equilibrium quantity to increase.