A dominant strategy is one that
A) yields a position of the winner so long as the other participants act as planned.
B) every participant in the game will follow.
C) turns a negative-sum game into a positive-sum game.
D) always yields the highest benefit regardless of what the other players do.
Answer: D
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Only individuals choose, which means
A) only individuals exist. B) collectives do not exist. C) only individuals can assess the expected costs and benefits of an action. D) all of the above.
Which of the following about price discrimination is true?
a. A price-discriminating seller will charge consumers with an elastic demand a lower price than consumers with an inelastic demand. b. A firm must face a horizontal demand curve for its product in order to engage in effective price discrimination in a market. c. Price discrimination always harms consumers and helps sellers in the short run but in the long run, consumers benefit at the expense of sellers. d. A seller must have a monopoly in order to gain from price discrimination.