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Author Question: In game theory analysis, what is a dominant strategy? What will be an ideal ... (Read 24 times)

JGIBBSON

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on: Jul 1, 2018
In game theory analysis, what is a dominant strategy?
 
  What will be an ideal response?

Question 2

Why does a monopsonist's marginal expenditure curve lie above the labor supply curve?
 
  What will be an ideal response?


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Fayaz00962

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Reply #1 on: Jul 1, 2018
Answer to Question 1

A strategy that would be the best one for a player in a non-cooperative game no matter what strategies are adopted by the other players in the game.

Answer to Question 2

To hire additional labor, the monopsonist must increase the wage paid to all units of labor. Thus the marginal expenditure of the next unit of labor is the higher wage plus the wage increase paid to all previously hired labor.


JGIBBSON

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Reply 2 on: Jul 1, 2018
Great answer, keep it coming :)

ktidd

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Reply 3 on: Yesterday
Excellent

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