Question 1

In the copycat game,there

Accepted Answer

A)  is one Nash equilibrium. 
B)  are two Nash equilibria. 
C)  all the outcomes are Nash equilibria. 
D)  no matter what Ditto chooses,Dot would prefer the other activity. 
A)  is one Nash equilibrium. 
B)  are two Nash equilibria. 
C)  all the outcomes are Nash equilibria. 
D)  no matter what Ditto chooses,Dot would prefer the other activity. D

Question 2

An outcome is a Nash equilibrium if and only if both players agree that the outcome is desirable.

Accepted Answer

A) True 
 B)False  False

Question 3

Consider an outcome in which it is impossible to make one player better off without simultaneously making the other player worse off.We can conclude that this outcome

Accepted Answer

A)  cannot be a Nash equilibrium. 
B)  must be Pareto optimal. 
C)  will not occur when the players use mixed strategies. 
D)  is a Stackelberg equilibrium. 
A)  cannot be a Nash equilibrium. 
B)  must be Pareto optimal. 
C)  will not occur when the players use mixed strategies. 
D)  is a Stackelberg equilibrium. B

Question 4

Which of the following statements is false?

Accepted Answer

A)  Player A has a dominant strategy. 
B)  Player B has a dominant strategy. 
C)  This is a Prisoners' Dilemma. 
D)  This game has no Nash Equilibrium. 
A)  Player A has a dominant strategy. 
B)  Player B has a dominant strategy. 
C)  This is a Prisoners' Dilemma. 
D)  This game has no Nash Equilibrium.

Question 5

When mixed strategies are allowed,the Copycat Game does have a Nash equilibrium.

Accepted Answer

A) True 
 B)False

Question 6

When both players have dominant strategies,there is one and only one Nash equilibrium.

Accepted Answer

A) True 
 B)False

Question 7

It is always best to be the strong pig in Pigs in a Box.

Accepted Answer

A) True 
 B)False

Question 8

Game Matrix I

The following questions refer to the game matrix below.

-Refer to Game Matrix I.If this game is played sequentially with Player A choosing first,the Stackelberg equilibrium is

Accepted Answer

A)  the upper left-hand corner. 
B)  the upper right-hand corner. 
C)  the lower left-hand corner. 
D)  the lower right-hand corner. 
A)  the upper left-hand corner. 
B)  the upper right-hand corner. 
C)  the lower left-hand corner. 
D)  the lower right-hand corner.

Question 9

What is a mixed strategy? Describe a mixed strategy that would be a Nash equilibrium for the Copycat Game,and indicate why neither player would want to deviate from that mixed strategy.

Accepted Answer

A player uses a mixed strategy when he r

Question 10

Game Matrix V

The following questions refer to the game matrix below. Each firm has a choice of saying Yes or NO. The profits each gets depend upon which it chooses.

-Refer to Game Matrix V.Which of the following values of X and Y result in the only Nash Equilibrium being (Yes,Yes)?

Accepted Answer

A)  X = 21,Y = 9. 
B)  X = 19,Y = 11. 
C)  X = 21,Y = 11. 
D)  It is not possible for (Yes,Yes)to be a Nash Equilibrium. 
A)  X = 21,Y = 9. 
B)  X = 19,Y = 11. 
C)  X = 21,Y = 11. 
D)  It is not possible for (Yes,Yes)to be a Nash Equilibrium.

Question 11

Game Matrix II
The following questions refer to the game matrix below. Player A can play the strategies "High" and "Low," and Player B can play the strategies "Odd" and "Even."
 
-Refer to Game Matrix II.Which outcomes in this game are Pareto optimal?

Accepted Answer

A)  The upper right-hand corner only. 
B)  The lower right-hand corner only. 
C)  Both the upper and lower right-hand corners. 
D)  All outcomes except the upper left-hand corner. 
A)  The upper right-hand corner only. 
B)  The lower right-hand corner only. 
C)  Both the upper and lower right-hand corners. 
D)  All outcomes except the upper left-hand corner.

Question 12

Game Matrix II
The following questions refer to the game matrix below. Player A can play the strategies "High" and "Low," and Player B can play the strategies "Odd" and "Even."
 
-Refer to Game Matrix II.In this game,

Accepted Answer

A)  players A and B both have dominant strategies. 
B)  player A has a dominant strategy,but player B does not. 
C)  player B has a dominant strategy,but player A does not. 
D)  neither player has a dominant strategy. 
A)  players A and B both have dominant strategies. 
B)  player A has a dominant strategy,but player B does not. 
C)  player B has a dominant strategy,but player A does not. 
D)  neither player has a dominant strategy.

Question 13

The copycat game does not have a pure strategy Nash Equilibrium.

Accepted Answer

A) True 
 B)False

Question 14

Consider the simultaneous choice game represented by the matrix below where Player A chooses either Up or Down and Player B chooses either Left or Right.

Accepted Answer

The answer of Consider the simultaneous choice game represented by...

Question 15

A system for studying strategic behavior in economics is called

Accepted Answer

A)  decision science. 
B)  political economy. 
C)  game theory. 
D)  solution concepts. 
A)  decision science. 
B)  political economy. 
C)  game theory. 
D)  solution concepts.

Question 16

In the Battle of the Sexes game,

Accepted Answer

A)  Fred and Ethel are best off choosing the activity they prefer. 
B)  Fred is better off attending the opera with Ethel than having Ethel attend the boxing match with him. 
C)  Ethel is better off attending the boxing match with Fred than having Fred attend the opera with her. 
D)  Fred and Ethel would both be better off choosing to attend either activity together than going alone to the activity they prefer. 
A)  Fred and Ethel are best off choosing the activity they prefer. 
B)  Fred is better off attending the opera with Ethel than having Ethel attend the boxing match with him. 
C)  Ethel is better off attending the boxing match with Fred than having Fred attend the opera with her. 
D)  Fred and Ethel would both be better off choosing to attend either activity together than going alone to the activity they prefer.

Question 17

It is unlikely that players will attain the Stackelberg equilibrium if

Accepted Answer

A)  both players have a dominant strategy. 
B)  the Stackelberg equilibrium is Pareto preferred to the Nash equilibrium. 
C)  the second player cannot be assured that the first player is committed to his strategy. 
D)  there is an advantage to being the second player. 
A)  both players have a dominant strategy. 
B)  the Stackelberg equilibrium is Pareto preferred to the Nash equilibrium. 
C)  the second player cannot be assured that the first player is committed to his strategy. 
D)  there is an advantage to being the second player.

Question 18

Game Matrix V

The following questions refer to the game matrix below. Each firm has a choice of saying Yes or NO. The profits each gets depend upon which it chooses.

-Refer to Game Matrix V.Which of the following values of X and Y result in the only Nash Equilibrium being (No,No)and there not being a Prisoners' Dilemma?

Accepted Answer

A)  X = 21,Y = 9. 
B)  X = 19,Y = 11 
C)  X = 31,Y = 11. 
D)  It is not possible for (No,No)to be a Nash Equilibrium and for there not to be a Prisoners' Dilemma. 
A)  X = 21,Y = 9. 
B)  X = 19,Y = 11 
C)  X = 31,Y = 11. 
D)  It is not possible for (No,No)to be a Nash Equilibrium and for there not to be a Prisoners' Dilemma.

Question 19

Game Matrix I

The following questions refer to the game matrix below.

-Refer to Game Matrix I.The only Nash equilibrium for this game is in

Accepted Answer

A)  the upper left-hand corner. 
B)  the upper right-hand corner. 
C)  the lower left-hand corner. 
D)  the lower right-hand corner. 
A)  the upper left-hand corner. 
B)  the upper right-hand corner. 
C)  the lower left-hand corner. 
D)  the lower right-hand corner.

Question 20

Can a Nash equilibrium fail to be Pareto optimal? Can a Pareto optimal outcome fail to be a Nash equilibrium? Justify your answers using the Prisoners' Dilemma game.

Accepted Answer

A Nash equilibrium need not be Pareto op

In the copycat game,there

An outcome is a Nash equilibrium if and only if both players agree that the outcome is desirable.

Consider an outcome in which it is impossible to make one player better off without simultaneously making the other player worse off.We can conclude that this outcome

Which of the following statements is false?

When mixed strategies are allowed,the Copycat Game does have a Nash equilibrium.

When both players have dominant strategies,there is one and only one Nash equilibrium.

It is always best to be the strong pig in Pigs in a Box.

Game Matrix I The following questions refer to the game matrix below. -Refer to Game Matrix I.If this game is played sequentially with Player A choosing first,the Stackelberg equilibrium is

What is a mixed strategy? Describe a mixed strategy that would be a Nash equilibrium for the Copycat Game,and indicate why neither player would want to deviate from that mixed strategy.

Game Matrix V The following questions refer to the game matrix below. Each firm has a choice of saying Yes or NO. The profits each gets depend upon which it chooses. -Refer to Game Matrix V.Which of the following values of X and Y result in the only Nash Equilibrium being (Yes,Yes)?

Game Matrix II The following questions refer to the game matrix below. Player A can play the strategies "High" and "Low," and Player B can play the strategies "Odd" and "Even." -Refer to Game Matrix II.Which outcomes in this game are Pareto optimal?

Game Matrix II The following questions refer to the game matrix below. Player A can play the strategies "High" and "Low," and Player B can play the strategies "Odd" and "Even." -Refer to Game Matrix II.In this game,

The copycat game does not have a pure strategy Nash Equilibrium.

Consider the simultaneous choice game represented by the matrix below where Player A chooses either Up or Down and Player B chooses either Left or Right.

A system for studying strategic behavior in economics is called

In the Battle of the Sexes game,

It is unlikely that players will attain the Stackelberg equilibrium if

Game Matrix I The following questions refer to the game matrix below. -Refer to Game Matrix I.The only Nash equilibrium for this game is in

Can a Nash equilibrium fail to be Pareto optimal? Can a Pareto optimal outcome fail to be a Nash equilibrium? Justify your answers using the Prisoners' Dilemma game.

Supply,demand,and Equilibrium

Prices,costs and Gains From Trade

The Behavior of Consumers

Consumers in the Marketplace

The Behavior of Firms

Production and Costs

Competition

Welfare Economics and the Gains From Trade

Knowledge and Information

Monopoly

Market Power,collusion,and Oligopoly

External Costs and Benefits

Common Property and Public Goods

The Demand for Factors of Production

The Market for Labor

Allocating Goods Over Time

Risk and Uncertainty

What Is Economics

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Exam 12: The Theory of Games

In the copycat game,there

An outcome is a Nash equilibrium if and only if both players agree that the outcome is desirable.

Consider an outcome in which it is impossible to make one player better off without simultaneously making the other player worse off.We can conclude that this outcome

Which of the following statements is false?

When mixed strategies are allowed,the Copycat Game does have a Nash equilibrium.

When both players have dominant strategies,there is one and only one Nash equilibrium.

It is always best to be the strong pig in Pigs in a Box.

Game Matrix I The following questions refer to the game matrix below. -Refer to Game Matrix I.If this game is played sequentially with Player A choosing first,the Stackelberg equilibrium is

What is a mixed strategy? Describe a mixed strategy that would be a Nash equilibrium for the Copycat Game,and indicate why neither player would want to deviate from that mixed strategy.

Game Matrix V The following questions refer to the game matrix below. Each firm has a choice of saying Yes or NO. The profits each gets depend upon which it chooses. -Refer to Game Matrix V.Which of the following values of X and Y result in the only Nash Equilibrium being (Yes,Yes)?

Game Matrix II The following questions refer to the game matrix below. Player A can play the strategies "High" and "Low," and Player B can play the strategies "Odd" and "Even." -Refer to Game Matrix II.Which outcomes in this game are Pareto optimal?

Game Matrix II The following questions refer to the game matrix below. Player A can play the strategies "High" and "Low," and Player B can play the strategies "Odd" and "Even." -Refer to Game Matrix II.In this game,

The copycat game does not have a pure strategy Nash Equilibrium.

Consider the simultaneous choice game represented by the matrix below where Player A chooses either Up or Down and Player B chooses either Left or Right.

A system for studying strategic behavior in economics is called

In the Battle of the Sexes game,

It is unlikely that players will attain the Stackelberg equilibrium if

Game Matrix I The following questions refer to the game matrix below. -Refer to Game Matrix I.The only Nash equilibrium for this game is in

Can a Nash equilibrium fail to be Pareto optimal? Can a Pareto optimal outcome fail to be a Nash equilibrium? Justify your answers using the Prisoners' Dilemma game.

Supply,demand,and Equilibrium

Prices,costs and Gains From Trade

The Behavior of Consumers

Consumers in the Marketplace

The Behavior of Firms

Production and Costs

Competition

Welfare Economics and the Gains From Trade

Knowledge and Information

Monopoly

Market Power,collusion,and Oligopoly

External Costs and Benefits

Common Property and Public Goods

The Demand for Factors of Production

The Market for Labor

Allocating Goods Over Time

Risk and Uncertainty

What Is Economics

Filters