The term prisoners' dilemma refers to a game in which
A) there are no Nash equilibria.
B) there are no dominant strategies.
C) the payoff from both players playing their dominant strategies is the same for each player.
D) the payoff from both players playing their dominant strategies is not the highest payoff possible.
D
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Jacinda quit her job as a blackjack dealer where she made $42,000 per year to start her own florist business. Her business expenses are $14,000 per year on rent, $21,000 per year on supplies, and $9,000 per year on part time hel
A) $104,000 B) $86,000 C) $62,000 D) $44,000
Which word best completes the following sentence? A rational decisionmaker always chooses the option for which marginal benefit is ________ marginal cost
a. equal to b. less than c. more than d. unrelated to
If a country has a lower opportunity cost in producing a good than its trading partners, then it has:
A. A comparative advantage in producing the good. B. Favorable terms of trade in producing the good. C. An absolute advantage in producing the good. D. Lower labor costs in producing the good.
Suppose that a jewelry store found that when it increased prices by 10 percent, sales revenue increased by 3 percent. Which of the following is true about the price elasticity of demand for the store's goods?
A. Demand is perfectly inelastic. B. Demand is inelastic, but not perfectly. C. Demand is perfectly elastic D. Demand is elastic, but not perfectly.