In Constructing a Model,economists

question 168

Multiple Choice

In constructing a model,economists:

• A)might use a computer simulation.
• B)avoid making any assumptions.
• C)assume that all relevant factors are constantly changing.
• D)are prohibited from using mathematics.

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Definitions:

Shoplifter

An individual who steals goods from a retail establishment.

Simultaneous Game

A game theory concept where players choose their strategies and make their moves at the same time, without knowledge of the others' choices.

Nash Equilibrium

A concept in game theory where no player can benefit by changing strategies while the other players keep theirs unchanged; it represents a state of mutual best responses.

Simultaneous Game

A strategic interaction where all participants make decisions or moves at the same time without knowledge of the others' choices.