Not All Games with Two or More Nash Equilibria Can

question 4

Multiple Choice

Not all games with two or more Nash equilibria can be solved with pre-play communication because

• A)cheap talk may be illegal under anti-trust laws.
• B)if there's an incentive for one or more players to lie, then cheap talk lacks credibility.
• C)pareto criterion might not be defined.
• D)Both A and B

Understand the key factors that influence job and career satisfaction.

Identify various sources of occupational information.

Recognize the predictors of job choice and career success.

Appreciate the significance of personal fulfillment from a job.

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Definitions:

Short-Run Phillips Curve

Describes the inverse relationship between the rate of inflation and the unemployment rate over a short period.

Rational Expectations

The theory that people optimally use all the information they have, including information about government policies, when forecasting the future.

Sacrifice Ratio

A measure of the economic cost associated with reducing inflation, often calculated as the percentage loss in output per percentage point decrease in inflation.

Inflation Expectations

The anticipation by consumers and businesses of the rate at which prices will rise in the future.