Betty and Veronica are playing Odds or Evens, where Betty is designated as the "odd" player and Veronica is designated as the "even" player. They decide to play the game 10 times
If Betty adopts a pure strategy of "shoot 1," what strategy should Veronica adopt to maximize her payoff?
Since Veronica is the "even" player, she wants all results to add up to an even number. If Betty is shooting 1 each time, Veronica should also shoot 1 each time so the results add up to 2, an even number, for each game.
You might also like to view...
Refer to Figure 9.3. If the government establishes a price ceiling of $1.00, consumer surplus will
A) fall by $50. B) fall by $150. C) remain the same. D) rise by $50. E) rise by $150.
The first step of the four step process is to
a. identify the new equilibrium and then compare the original equilibrium price and quantity to the new equilibrium price and quantity. b. decide whether the economic change being analyzed affects demand or supply. c. draw a demand and supply model before the economic change took place. d. decide whether the effect on demand or supply causes the curve to shift to the right or to the left, and sketch the new demand or supply curve on the diagram.
Torrie is thinking of starting up a small business selling hand-painted wine glasses. She is considering setting up her business as a sole proprietorship. What is one advantage to Torrie of setting up her business as a sole proprietorship?
A) As a sole proprietor, Torrie would face limited liability. B) As a sole proprietor, Torrie would have the ability to share risk with shareholders. C) As a sole proprietor, Torrie would have both ownership and control over the business. D) All of the above would be advantages of setting up her business as a sole proprietorship.
A monopolist will hire fewer workers than a competitive firm, other things being equal, because
A. the monopolist must take account of the declining product price that must be charged in order to sell more units of the product. B. the monopolist exploits labor and other types of producers do not. C. the monopolist is more efficient. D. diminishing marginal productivity of labor is more severe for a monopolist.