Refer to the figure below. If Cory chooses A, then Jess's best response is: 
A. to choose A.
B. to choose the cell in which Jess's payoff is 10.
C. non-existent.
D. to choose B.
Answer: D
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Suppose $1 billion is available in the budget and Congress is considering allocating the funds to one of the following three alternatives:
a. subsidies for education b. research on Alzheimer's c. increased border security If voters prefer a to b and b to c, then if preferences are transitive A) they should prefer c to a. B) they should prefer a to c. C) they should be indifferent between a and c. D) it is not always possible to rank voters' preferences between a and c.
An increase in the real interest rate results in which of the following?
A) an increase in the demand for loanable funds B) a decrease in the demand for loanable funds C) an increase in the quantity of loanable funds supplied D) Both B and C will occur as a result of an increase in the real interest rate.
Assuming that we can properly measure ability to pay, how do we use the principle of vertical equity to determine how much someone with greater ability to pay should pay in taxes?
a. By integrating it with the principle of horizontal equity. b. Through reference to the benefit principle. c. By looking at elasticities of demand for various income quintiles for the good in question. d. We cannot use the principle of vertical equity to answer this question.
If the elasticity of supply coefficient for a good is one-sixth (in absolute terms), we know:
a. that for every 1% increase in quantity, there will be a 6% increase in price. b. that for every 1% increase in quantity, there will be a 6% decrease in price. c. that for every 6% increase in quantity, there will be a 1% increase in price. d. that for every 6% increase in quantity, there will be a 1% decrease in price.