A player's best response is A) the strategy that maximizes his ...

[wenmo]

A player's best response is
 
  A) the strategy that maximizes his payoff given what he thinks the other player will do.
  B) a dominant strategy.
  C) impossible to find when there isn't a Nash equilibrium.
  D) a way to avoid the prisoners' dilemma.

Question 2

In the long run if there is a shortage in the market for a product, the guiding (allocation) function of price can be expected to cause
 
  A) an increasing shift in the demand for the product.
  B) a decreasing shift in the demand for the product.
  C) an increasing shift in the supply of the product.
  D) a decreasing shift in the supply of the product.

[Ddddd]

Answer to Question 1

A

Answer to Question 2

C

[wenmo]

Excellent

[jomama]

Great answer, keep it coming