Author Question: A dominant strategy can best be described as A) a strategy taken by a dominant firm. B) the ... (Read 111 times)

cookcarl · **on:** Jul 1, 2018

A dominant strategy can best be described as

A) a strategy taken by a dominant firm.
B) the strategy taken by a firm in order to dominate its rivals.
C) a strategy that is optimal for a player no matter what an opponent does.
D) a strategy that leaves every player in a game better off.
E) all of the above

Question 2

Common property resources like fish stocks in open waters tend to be over-utilized because:

A) the marginal social cost is less than the private marginal cost.
B) the marginal social cost is always equal to the private marginal cost.
C) the marginal social cost is greater than the private marginal cost.
D) none of the above