In dominant strategies I am doing the best, I can no matter:
What you do
What you are doing
What you not do
None of them
Correct Answer :
A. What you do
Dominant Strategy? A strategy is dominant if regardless of what any other players do, the strategy earns a player a larger payoff than any other. If one strategy is dominant then all others are dominated. For example, in prisoners dilemma, each player has a dominant strategy.}
Related Questions
The Purchasing Power Parity (PPP) Theory is presented by:
J.M.Keynes
E.D.Domar
Adam Smith
Gustav Cassel
A monopoly producer usually earns:
Abnormal profits
Only normal profits
Neither profits nor losses
Profits and losses which are uncertain
A firm in a position of equilibrium is supposed to be maximizing:
Output
Sales
Profits
None of the above
When the law of demand operates the demand curve:
Slopes downward
Slopes upward
Becomes horizontal
Becomes vertical
In case of monopoly, TR curve rises at a:
Constant rate
Decreasing rate
Increasing rate
None of the above
The water diamond paradox was firstly resolved with the help of:
Labor theory of value
Individual theory of value
Producer theory of value
Consumer theory of value
A demand curve which is horizontal and parallel to x-axis represents:
Infinitely elastic demand
Infinitely inelastic demand
Relatively elastic demand
Relatively inelastic demand
If the marginal utility is divided by the price of the commodity then it is called:
Real Marginal Utility
Gross Marginal Utility
Weighted Marginal Utility
Money Marginal Utility
Law of Substitution in production was presented by:
Classical economists
Keynes
Neo-classical economists
Karl Marx
The game theory was basically presented by:
Ricardo
Marshal
Neomann and Morgenstern
Karl Marx
Implicit costs are the costs:
Which are not incurred by the firm and may accrue to the community
Of resources the cost of factors owned by the firm
Of resources supplied by the household
Of government externalities
The firms in non-cooperative games:
Enforce contracts
Make contracts
Make negotiations
Do not make negotiations
In cournot model, firms face:
Negatively sloped demand curve
Positively sloped demand curve
Horizontal demand curve
Vertical demand curve
A market demand schedule is obtained by adding individual demand schedules:
Horizontally
Vertically
Permanently
Perpetually
If in the long run, output increases in the same proportion as increase in all the input in the given proportion, this is known as:
Increasing returns to scale
Decreasing returns to scale
Constant returns to scale
Variable returns to scale
Elasticity of demand is equal to unity while marginal revenue is:
Positive
Zero
Negative
Indeterminate
The basic and essential economic problems in a community are related to choice and:
Freedom
Scarcity
Social class
Politics
If the price of a product falls then quantity demanded tends to increase ceteris paribus because:
The MU/P ratio has decreased
Of the income and substitution effects
Consumers tend to feel poorer when prices fall
When price falls the demand curve shifts right
With the decrease in marginal valuation of a specific commodity, the price offered by the people:
Decreases
Increases
Become very high
Remain unchanged
In short run:
Labor is variable
Labor is fixed
Capital is variable
None of the above
Consumer surplus is the difference between
Price demanded and price paid
Price quoted and price actually paid
Price that a consumer is willing to pay and the price actually paid
None of the above
A producer attains the least cost combination when the relation between Marginal Rate of Technical Substitution (MRTS) and price (P) of the factors x and y is:
The demand curve slopes downwards due to:
Income effect(I.E)
Substitution effect(S.E)
Taste effect
Both a and b
In case of budget line, we get pairs of two goods where consumers income is:
Fully spent
Half spent
Partially spent
Correctly spent
Under monopolistic competition, the products sold by the firms are:
Economic substitutes
Technical substitutes
Both a and b
None of the above
J.R.Hicks was:
Neo-classical economist
Classical economist
Keynesian economist
Post-Keynesian economist
For monopolistic competitive firm:
P=AR and P>MR
P
P=MC and MC=AC
None of the above
In a competitive market, price is determined primarily by:
Transportation costs
The interplay of demand and supply
Costs of production
The marginal product of labour
According to Robbins, economics is a:
Science of wealth
Science of national welfare
Science of optimality
Science of scarcity
In which case the elasticity shown by the different points of a curve is the same?
A straight line curve
A downward sloping demand curve
A rectangular hyperbola demand curve
None of the above