In constant sum game (zero sum game), if there are two parties then:
Both parties make better-off
Both parties make worse-off
Both parties become Neutral
One party can become better off only if another is made worse off
Correct Answer :
D. One party can become better off only if another is made worse off
Constant Sum Game (Zero Sum Game)? A constant sum game is one in which the total pay-offs are the same for all possible combinations of players strategies. This means that each player can only gain at the expense of others; any players loss is balanced by an equal gain (or gains) made by the other players. A real life example of a constant sum game is gambling. If one player wins, other players must have lost the same amount. It is also called zero sum game b/c the sum of gains/losses of all players become zero .For example if there are two players then: Gains of one player + Losses of other player = 0}
Related Questions
The difference between average cost and average revenue is:
Total profit
Average profit
Net profit
Marginal profit
Slope of a demand curve is:
Not relevant to elasticity
The only factor determining elasticity
Only one of the factors influencing elasticity
None of the above
In case the two commodities are complements, cross elasticity will be:
Positive
Unitary
Negative
Infinite
Scarcity is:
A relative term
An economic term
A dynamic term
As a whole term
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Increase at decreasing rate
Increase at constant rate
Decrease at increasing rate
Increase at increasing rate
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Restricted entry and exit of the firms
Semi free exit but absolute free entry
Free entry but restricted exit of the firms
Free entry and free exit of the firms
In economist the term invisible hand is refers to:
Hand of God
Market self regulating system
Hands of invisible people
Regulations of government
If production increases under constant returns to scale, the cost will:
Increase at a constant rate
Decrease at a constant rate
Increase at a variable rate
Decrease at a variable rate
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Labor theory of value
Individual theory of value
Producer theory of value
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If the price of product A decreases and in the result the demand for product B increases then we can say that:
A and B are substitute goods
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A is an inferior good
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The supply curve will shift up or left
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David Ricardo
Adam Smith
James Mill
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An iso-product (an isoquant) curve slopes:
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Downward to the right
Upward to the right
Upward to the left
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All participants in the market are small relative to the size of the overall market
There are many buyers and sellers
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Demand curve is more than supply curve
Supply curve is more than demand curve
Supply curve is equal to demand curve
None of the above
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Excess demand
Qd > Qs
Shortage of supply
All of the above
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Monopoly
Multi-plant monopoly
Bilateral monopoly
Price discrimination
Who formulated the Post-Keynsian Theory of Distribution and Growth?
J.M.Keynes
N.Kaldor
C.P.Kindleberger
Irving Fisher
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Also decrease it
Increase it
Remain uneffected
None of the above
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Price system
Barter system
Islamic economic system
Socialistic system
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Horizontal demand curve
Vertical demand curve
Similar demand curve
Differential demand curve
Total costs are:
TFC TVC
TFC/TVC
TVC/TFC
TFC +TVC
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There is tendency for firms to enter but not leave the industry
Firms have no tendency either to enter or to leave the industry
Some firms may enter while the others may leave the market even after the equilibrium of the industry
Entry or exit of the firms cannot be predicted
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Labor is variable
Labor is fixed
Capital is variable
None of the above
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A rising supply curve
A rising demand curve
A falling supply curve
A falling demand curve
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Firm to the left
Industry to the right
Firm to the right
Industry to the left
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All of the consumer surplus
All of the producer surplus
Some part of the consumer surplus
None of them
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Short-Run
Long-Run
Medium-Run
None of the above
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Classical approach
Keynesian approach
Neo-classical approach
Modern approach
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Upward shift in demand curve
Downward shift in demand curve
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No movement or shift at all