A dominant strategy exists if:
A. both players make the same choice.
B. one strategy yields the highest possible payoff.
C. both players have the highest payoff when they make the same choice.
D. a player has a strategy that yields the highest payoff regardless of the other player's choice.
Answer: D
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A country has 6,000 total efficiency units of labor. If the average efficiency of each worker in the economy doubles, the country will have ________ efficiency units of labor, everything else remaining unchanged
A) 48,500 B) 36,000 C) 300 D) 12,000
Acme is a perfectly competitive firm. It has the total cost schedule given in the above table. Acme's product sells for $8.00 per unit. What amount of output is the most profitable and what is Acme's economic profit or economic loss?
What will be an ideal response?