Suppose Jordan and Lee are trying to decide what to do on a Friday. Jordan would prefer to see a comedy while Lee would prefer to see a documentary. One documentary and one comedy are showing at the local cinema. The payoffs they receive from seeing the films either together or separately are shown in the payoff matrix below. Both Jordan and Lee know the information contained in the payoff matrix. They purchase their tickets simultaneously, ignorant of the other's choice. 
Which of the following statements is true?
A. Jordan's dominant strategy depends on Lee's choice.
B. For Jordan, seeing a comedy is a dominant strategy.
C. For Jordan, seeing a documentary is a dominant strategy.
D. Jordan does not have a dominant strategy.
Answer: D
You might also like to view...
A static decision is one that
A) is made very slowly. B) involves planning over one time period. C) involves planning over exactly two time periods. D) involves planning over more than one time period.
Manny's Bar-n-Grill is next door to a franchised fast-food restaurant near a busy freeway exit. Essentially, the menus, food quality, atmosphere, and service are equal at the two restaurants. Nevertheless, the nationally franchised restaurant can attract more customers, even though its prices are higher. This situation
a. indicates that people are irrational because it never makes sense to pay a higher price when a product is cheaper elsewhere. b. is one in which the national franchise provides uninformed consumers with valuable information that reduces their risk of being unsatisfied with the purchase. c. reflects the greater elasticity of supply for food at Manny's Bar-n-Grill relative to the nationally franchised restaurant. d. is inconsistent with the basic postulates that underlie the economic way of thinking.
According to economic reasoning, you should follow Nike's advice and "Just Do It" when Select one:
a. The total benefits are less than the total costs. b. The additional costs are greater than the additional benefits. c. The additional costs are the same as the additional benefits. d. The additional benefits are greater than the additional costs.
If the MPC is 4/5, the multiplier is 5/4
a. true b. false