The opportunity cost of producing a bicycle refers to the:
a. out-of-pocket payments made to produce the bicycle.
b. value of the goods that were given up to produce the bicycle.
c. bicycle's retail price.
d. marginal cost of the last bicycle produced.
Question 2
A dominant strategy differs from a Nash equilibrium strategy in that
a. Nash equilibrium strategy does not assume best reply responses
b. dominant strategy assumes best reply responses
c. only Nash strategy applies to simultaneous games
d. one dominant strategy is sufficient to predict behavior in a multi-person game
e. Nash strategy is often unique
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