Payoffs are:
A. things that are only enjoyed by the winner.
B. always monetary.
C. bribes made to gain some advantage unfairly during a game.
D. the rewards that come from particular actions.
Answer: D
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The natural rate of unemployment:
A. occurs at the economy's potential level of output. B. is zero. C. will cause a steady rise in the price level. D. All of these statements are true.
When the government institutes a target price,
A) a surplus is created. B) consumers must pay the target price. C) the farmer receives a deficiency payment if the market price is below the target price. D) the farmer receives a deficiency payment if the market price is above the target price. E) all of the above
When total product is decreasing, marginal product is
A) positive and increasing. B) positive and decreasing. C) constant. D) negative.
In the prisoner's dilemma setting for producing and stealing, a tax imposed on participants could end up changing the payoff matrix so that
A. one participant is better off, and one participant is worse off. B. both participants are worse off. C. both participants are better off. D. all of the above are possible