A Nash Equilibrium Occurs When

Multiple Choice

A Nash equilibrium occurs when:

A) each firm is doing the best it can in light of the actions taken by other firms.
B) each firm is doing the worst it can in light of the actions taken by other firms.
C) an oligopoly industry is characterized by excess demand despite a market-clearing price.
D) an oligopoly industry is characterized by excess supply despite a market-clearing price.