Use the Following to Answer Questions

question 265

Multiple Choice

Use the following to answer questions:
Figure: The Market for Yachts
-(Figure: The Market for Yachts) Look at the figure The Market for Yachts. If the government imposes a $60,000 tax on yachts and collects it from the consumers, the _____ curve will shift _____ by _____.

• A) supply; upward; $30,000
• B) supply; upward; $60,000
• C) demand; downward; $30,000
• D) demand; downward; $60,000

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Definitions:

Dominant Strategy

A strategy in game theory that yields the best outcome for a player, regardless of the strategies chosen by other players.

Dominant Strategy

A strategy in game theory that is the best for a player to follow, regardless of what the opponent does.

Maximin Strategy

A decision-making rule used in uncertain situations, aiming to select the option with the least possible loss or the maximum of the minimum gains.

Dominant Strategy

A strategy that is the best for a player in a game, regardless of the strategies chosen by other players.