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Exam (elaborations)

Econ 201 Questions and Correct Answers | Latest Update

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  • Course
  • Econ 201
  • Institution
  • Econ 201

First Welfare Theorem  -Perfectly Competitive Market (All goods sold are somewhat equal; at equal prices)  -No externalities  -Pareto Efficient Collusion  The event that occurs when agents in a game form an agreement about strategies to implement Payoff Matrix  A visual r...

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  • October 4, 2024
  • 12
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • Econ 201
  • Econ 201
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Best Grades | Must Pass | Latest Update | Correct Answers | 2024/ 2025


Econ 201 Questions and Correct Answers |
Latest Update
First Welfare Theorem


 -Perfectly Competitive Market (All goods sold are somewhat equal; at

equal prices)

 -No externalities

 -Pareto Efficient




Collusion


 The event that occurs when agents in a game form an agreement about

strategies to implement




Payoff Matrix


 A visual representation of a game showing all possible strategies for each

player/all potential outcomes and payoffs




Prisoners Dilemma


 A cause in which individually rational behavior leads to a jointly

inefficient outcome




Nash Equilibrium


~ 1 ~ for inquiry mail me @ supergrades12@gmail.com

, Best Grades | Must Pass | Latest Update | Correct Answers | 2024/ 2025

 A set of strategies (one for each player) in which each players strategy is

the best option for that player, given the chosen strategy of the other

player




Tit-For-Tat Strategy


 A strategy in which a player follows of course of action consistent with the

other players choices e.g. if one player does not cooperate, the other

player will retaliate




Dominant Strategy


 A players best choice, if it exists, regardless of his opponents strategy




Inelastic


 Price change does not effect quantity e.g. insulin




Elastic


 Price change effects quantity e.g. food




Determinants of Demand


 -prices of other goods



~ 1 ~ for inquiry mail me @ supergrades12@gmail.com

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