Answer the following statement(s) true (T) or false (F)
1. When both players have dominant strategies, there is only one Nash equilibrium.
2. The Battle of the Sexes game has two Nash equilibria, neither of which is Pareto optimal.
3. All outcomes in the Copycat Game are Nash equilibria.
4. A solution concept is any way of analyzing a game which leads to the discovery of a Nash equilibrium which solves the game.
5. The concept of Nash Equilibrium is an important solution concept because it helps make predictions.
1. True
2. True
3. False
4. False
5. True
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If people assume that future rates of inflation will ________, they are said to have adaptive expectations
A) not be related to inflation rates of the past B) follow the pattern of inflation rates in the past C) be higher than inflation rates of the past D) be lower than inflation rates of the past
What is meant by the term "free market"?
What will be an ideal response?