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Author Question: A strategy is called a pure strategy if it involves choosing ________. A) one particular action ... (Read 43 times)

pane00

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on: Jun 29, 2018
A strategy is called a pure strategy if it involves choosing ________.
 
  A) one particular action for a situation
  B) different combinations of actions for a situation
  C) an action that yields a higher payoff to the opponent
  D) an action that yields zero payoff to the player

Question 2

What are factors of production? Why are the factors of production said to have a derived demand?
 
  What will be an ideal response?


batool

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Reply #1 on: Jun 29, 2018
Answer to Question 1

A

Answer to Question 2

A factor of production refers to a commodity or a service that is used to produce other goods and services. The demand for factors of productions is referred to as derived because their demand is determined by the demand for the final goods and services that they are used to produce.


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