Which of the Following Statements Is True

question 20

Multiple Choice

Which of the following statements is true?

• A) Every game has a dominant strategy.
• B) Not every game has a dominant strategy.
• C) Every game has multiple Nash Equilibria.
• D) People always play the Nash equilibria.

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Definitions:

Supply Schedule

A table that shows the quantity of a good or service that producers are willing to supply at various prices.

Equilibrium Price

The price level at which the supply of goods matches the demand for goods.

Equilibrium Price

The price point at which the quantity of goods supplied equals the quantity demanded, resulting in market stability.

Market Price

The current price at which an asset or service can be bought or sold in a given market.