A prisoner's dilemma is a game in which:
A. the players' payoffs are larger when both play their dominant strategy compared to when both play a dominated strategy.
B. neither player has a dominant strategy.
C. the players' payoffs are smaller when both play their dominant strategy compared to when both play a dominated strategy.
D. one player has a dominant strategy and the other does not.
Answer: C
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The ________ hypothesis claims that differences in natural environment such as climate, and ecology are ultimately responsible for the major differences in prosperity observed around the world
A) climate B) location C) ecology D) geography
Refer to Figure 13-1. Ceteris paribus, a decrease in the growth rate of domestic GDP relative to the growth rate of foreign GDP would be represented by a movement from
A) AD1 to AD2. B) AD2 to AD1. C) point A to point B. D) point B to point A.
Diseconomies of scale occur when: a. long-run average total cost decreases with an increase in output
b. long-run average total cost increases with an increase in output. c. long-run average total cost remains constant with an increase in output. d. long-run average variable cost decreases with an increase in output.
With an interest rate of 6 percent, the present value of $100 next year is approximately
A) $106. B) $100. C) $94. D) $92.