Author Question: A player's best response is A) the strategy that maximizes his payoff given what he thinks the ... (Read 98 times)

wenmo · **on:** Jul 1, 2018

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.