The dilemma in a prisoner's dilemma is that:
A. the outcome is random, so players are uncertain about which strategy to play.
B. the players would be better off if they both played a dominated strategy.
C. only one player has a dominant strategy, but the other player is uncertain about what to do.
D. the players may be trapped in a game they don't know how to play.
Answer: B
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Which of the following is true of international trade?
A) International trade reduces the total surplus enjoyed by an economy. B) International trade benefits all participants equally. C) International trade in services is not allowed. D) International trade increases overall economic efficiency.
What causes demand-side inflation? What causes supply-side inflation?
What will be an ideal response?
Free trade benefits the nation as a whole but may hurt specific industries and workers.
Answer the following statement true (T) or false (F)
The extra benefit resulting from a small increase in an activity is called the:
A. opportunity cost. B. marginal benefit. C. marginal cost. D. diminishing returns of the activity.