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C an increase in output for energy using firms d none

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Unformatted text preview: or energy-using firms. C. an increase in output for energy using-firms. D. None of the above. 18 11. Economists characterize interaction between economic agents using the concept of A. optimization B. equilibrium. C. both A and B. D. None of the above 12. A system is in equilibrium when A. it remains stationary over time. B. there are no net forces for change within that system. C. outside forces on the system are exactly offset by inside forces. D. All of the above 13. “If a system is in equilibrium then it will always return to that equilibrium after a perturbation by an exogenous force.” True or false? A. True. B. False. 14. A Nash equilibrium strategy A. is a best response to the anticipated equilibrium strategy of all other players. B. yields the highest payoff given the equilibrium strategies of all other players. C. may involve a planned path in response to the evolution of circumstances. D. All of the above. 15. “A sequential move game is one in which all players move at...
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This document was uploaded on 03/03/2014.

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