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Author Question: All normal-form games have at least one dominant strategy. Indicate whether the statement is true ... (Read 58 times)

WhattoUnderstand

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on: Jul 1, 2018
All normal-form games have at least one dominant strategy.
 
  Indicate whether the statement is true or false

Question 2

How would each of the following affect the firm's marginal, average, and average variable cost curves?
 
  a. An increase in wages
  b. A decrease in material costs
  c. The government imposes a fixed amount of tax.
  d. The rent that the firm pays on the building that it leases decreases.


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dreamfighter72

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

False. Dominant strategies only arise if a player has a single strategy that provides higher payoffs than any other strategy regardless of the other player's move.

Answer to Question 2

a. Wages are a variable cost, so MC, AVC, and ATC increase.
b. Materials are a variable cost, so MC, AVC, and ATC decrease.
c. A fixed or lump-sum tax increases ATC but not MC or AVC.
d. Rent is generally viewed as a fixed cost, so ATC decreases, but MC and AVC are unchanged.


WhattoUnderstand

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

anyusername12131

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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