In the prisoner's dilemma game:
A. both players have a dominant strategy.
B. neither player has a dominant strategy.
C. only one player will ever have a dominant strategy.
D. All of these may be true in a prisoner's dilemma game.
Answer: A
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For a linear demand curve
A. elasticity is constant along the curve. B. elasticity is unity at every point on the curve. C. demand is elastic at high prices. D. demand is elastic at low prices.
Section 2 of the Sherman Act prohibits ________.
A) an attempt of one firm to become a monopoly through the use of unreasonably exclusionary conduct B) market division C) price fixing D) monopolies
The firm's expansion path records:
a. profit-maximizing output choices for every possible price. b. cost-minimizing input choices for all possible output levels for when input rental rates expand along with production. c. cost-minimizing input choices for all possible output levels for a fixed set of input prices. d. cost-minimizing input choices for profit-maximizing output levels.
A model that is an oversimplification for one purpose will likely be an oversimplification for other purposes as well
a. True b. False Indicate whether the statement is true or false