In a game, what is meant when a player is said to have a dominant strategy?
What will be an ideal response?
A player has a dominant strategy when he or she has a strategy that is universally best, regardless of the strategy chosen by other players.
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Allocative efficiency is achieved when the marginal benefit of a good
A) exceeds the marginal cost by as much as possible. B) exceeds the marginal cost, but not by as much as possible. C) is less than the marginal cost. D) equals the marginal cost. E) equals zero.
Economists at the Bureau of Economic Analysis are collecting data for the quarterly GDP reporting, which will indicate the health of the economy. The time the Federal Reserve must wait for economic data to be collected, processed, and reported is known as the:
a) information lag. b) recognition lag. c) decision lag. d) implementation lag.