Nash Equilibrium is stable:
They involve dominant strategies
They involves constant-sum games
Once the strategies are chosen, no player has an incentive to deviate unilaterally from them
None of the above
Correct Answer :
C. Once the strategies are chosen, no player has an incentive to deviate unilaterally from them
Related Questions
The non-price competition cartel is a:
stable cartel
unstable cartel
prominent cartel
special cartel
The marshallian indirect utility function in the form of equation is:
x =a-bp
x =b-ap
x = f(P)
The Strategy of Economic Development is the work of:
S.Kuznets
H.Liebenstein
A.O.Hirshman
Alfred Marshal
When a consumer reached at the point of saturation then marginal utility (MU) is:
Negative
One
Positive
Zero
A budget line shows:
Price of commodity X in terms of Y
Price of commodity Y in term of X
Income of the consumer
All of the above
The reaction curve of a firm is attained by joining the:
Isoprofit curve
Super profit curve
Normal profit curve
Indoprofit curve
In respect of which of the following category of goods is consumers surplus highest?
Giffen goods
Necessities
Luxuries
Prestige goods
Consumers Surplus can also be defined as:
Extra price benefits
Shortage of quantity
Surplus of quantity
Difference between actual price and potential price
Income -elasticity of demand will be zero when a given change in income brings about:
A less than proportionate change in quantity demanded
A more than proportionate change in quantity demanded
The same proportionate change in quantity demanded
No change in quantity demanded
Opportunity costs are also known as:
Spill-over costs
Money costs
Alternative costs
External costs
Pure monopoly exists:
When there is a single producer
When there is a single producer without any close substitute
When there is a single producer with close substitutes
When a few producers control the industry
Theory of revealed preference is based on:
Weak orderings
Neutral orderings
Partial orderings
Strong orderings
The slope of an iso-quant represents:
MRS
MRT
MRTS
MRPS
An indifferent curve shows:
That how many utils are obtained from consuming different bundles of commodities
Different collections of two commodities the consumer considers to be of equal value
That if price increases there will be an increases in demand
None of the above
Cardinal approach includes arranging:
The different combinations of X and Y higher and lower without actually measuring the difference of utility between them
The different combinations of X and Y higher and lower and measuring the difference of utility between them
Different combination of X, Y and Z
None of above
A monopoly producer usually earns:
Abnormal profits
Only normal profits
Neither profits nor losses
Profits and losses which are uncertain
If a firm is producing output at a point where diminishing returns have set in, this means that:
Each additional unit of output will be more expensive to produce
Each additional unit of output will require increasing amount of inputs
Marginal product of the variable factor of production decreases as the quantity increases
All of the above
If a commodity sold under monopoly is got free of cost, then MC will be:
Zero
Identical with the MR
A horizontal straight line
Infinite
The cross-price elasticity of the demand for orange juice with respect to the price of apple juice is probably:
Negative
Positive
Near infinite
Zero
According to translog production function, elasticity of substitution is:
Greater than one
Less than one
Zero
Equal to one
Profits of a firm will be calculated taking into account the units produced and the difference between:
Real cost and money cost
Variable cost and fixed cost
Average cost and average revenue
Marginal cost and average cost
One way the government can induce a monopolist to expand his output is by imposing:
A specific tax on the monopolists output
A price ceiling that make the monopolist lower his price
A price floor that make the monopolist raise his price
A heavy tax on the monopolists profit
With elasticity of demand, the:
Negative sign is ignored
Positive sign is ignored
None of them
Both of them
Increase in demand occurs when:
The price falls and the demand also falls down
The price increases but demand falls down
The price increases the demand remains constant and when the price remains constant the demand goes up
The price remains constant but demand falls
In Nash Equilibrium:
Each player has a dominant strategy
No players have a dominant strategy
At least one player has a dominant strategy
Players may or may not have dominant strategies
In monopolistic competition, the firm take advantage due to customers:
Similar choices
Unlimited choices
Differential choices
Few choices
The Chamberline model recognizes mutual:
Independence of firms
Interdependence of firms
Independence of individuals
Interdependence of materials
The firm in cournot model:
face costs
face taxes
donot face taxes
donot face costs
The average product is given as:
Q.L
Q- L
Q+ L
Q/L
A typical demand curve cannot be:
Convex to the origin
Concave to the origin
A straight line
Rising upwards to the right