In a prisoners' dilemma, no player has a dominant strategy.
Answer the following statement true (T) or false (F)
False
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Refer to Game Matrix V. Which of the following values of X and Y result in there being no pure strategy Nash Equilibrium?
a. X = 21, Y = 9. b. X = 19, Y = 11. c. X = 31, Y = 11. d. There will always be at least one pure strategy Nash Equilibrium in this game.
In a market economy, buyers and sellers communicate their intentions to one another through:
a. government planners. b. negotiations overseen by government agencies. c. elected officials. d. prices.
Elizabeth just received her Ph.D. in economics and has two competing job offers. The first is in Washington, D.C. and pays a salary of $200,000 . She has a similar job offer in Austin, TX that pays $90,000 . Which pair of CPIs would make the two salaries have the same purchasing power?
a. 70 in Washington, D.C. and 42 in Austin, TX b. 140 in Washington, D.C. and 70 in Austin, TX c. 160 in Washington, D.C. and 72 in Austin, TX d. 210 in Washington, D.C. and 150 in Austin, TX
This figure displays the choices being made by two coffee shops: Starbucks and Dunkin Donuts. Both companies are trying to decide whether or not to expand in an area. The area can handle only one of them expanding, and whoever expands will cause the other to lose some business. If they both expand, the market will be saturated, and neither company will do well. The payoffs are the additional profits (or losses) they will earn.The outcome of the game in the figure shown predicts that Starbucks will earn profits of:
A. -$1 million. B. -$2 million. C. $2 million. D. $0 million.