A) A player always obtains a higher payoff by maintaining the maximum flexibility in his or her actions. B) The first mover always obtains a higher payoff than a second mover. C) A player can sometimes obtain a higher payoff by making a move that restricts the flexibility he or she will have later in the game. D) strategic moves include those that are easy to reverse. A) A player always obtains a higher payoff by maintaining the maximum flexibility in his or her actions. B) The first mover always obtains a higher payoff than a second mover. C) A player can sometimes obtain a higher payoff by making a move that restricts the flexibility he or she will have later in the game. D) strategic moves include those that are easy to reverse.

A) a diagram that shows the different strategies that each player can follow in a game and the viability of those strategies for each player. B) a diagram that shows the different strategies that each player can follow in a game and the probability that each player will choose each strategy. C) a diagram that shows the different strategies that each player can follow in a game and the order in which those strategies get chosen. D) a diagram that shows the optimal strategy for each player. A) a diagram that shows the different strategies that each player can follow in a game and the viability of those strategies for each player. B) a diagram that shows the different strategies that each player can follow in a game and the probability that each player will choose each strategy. C) a diagram that shows the different strategies that each player can follow in a game and the order in which those strategies get chosen. D) a diagram that shows the optimal strategy for each player.

A) is a strong strategy. B) guarantees a Nash equilibrium. C) is a strategy that is better for a player than any other the player might choose, regardless of the other player's strategy. D) depends on the other player's strategy. A) is a strong strategy. B) guarantees a Nash equilibrium. C) is a strategy that is better for a player than any other the player might choose, regardless of the other player's strategy. D) depends on the other player's strategy.

Exam 14: Game Theory and Strategic Behavior

**Reference: In the following games, all payoffs are listed with the row player's payoffs first and the column player's payoffs second (42-44). -*In Game 6 above,

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Question 1

Correct Answer:

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The likelihood of a cooperative outcome in a repeated prisoners' dilemma type game decreases when

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Question 2

Correct Answer:

Verified

Which of the following is most consistent with the concept of a Nash equilibrium?

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Question 3

Correct Answer:

Verified

**Reference: In the following games, all payoffs are listed with the row player's payoffs first and the column player's payoffs second (37-41). -*In Game 5 above,

(Multiple Choice)

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Question 4

**Reference: In the following games, all payoffs are listed with the row player's payoffs first and the column player's payoffs second (27-29). -*In Game 2 above,

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Question 5

**Reference: In the following games, all payoffs are listed with the row player's payoffs first and the column player's payoffs second (45-46). -*Game 7 is an example of prisoners' dilemma.Thus,the payoff matrix contains jail sentences in terms of months.For this game,

(Multiple Choice)

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Question 6

In a sequential game

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Question 7

**Reference: In the following games, all payoffs are listed with the row player's payoffs first and the column player's payoffs second (37-41). -*In Game 5 above,in the Nash equilibrium in mixed strategies

(Multiple Choice)

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Question 8

**Reference: In the following games, all payoffs are listed with the row player's payoffs first and the column player's payoffs second (47-49). -*Game 8 shows the payoff matrix in terms of profit (in millions of dollars) for two possible strategies: advertise or do not advertise.If they legally could,why might the two companies agree to a binding contract committing both to not advertise?

(Multiple Choice)

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Question 9

**Reference: In the following games, all payoffs are listed with the row player's payoffs first and the column player's payoffs second (42-44). -*In Game 6 above,

(Multiple Choice)

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Question 10

**Reference: In the following games, all payoffs are listed with the row player's payoffs first and the column player's payoffs second (42-44). -*In Game 6 above,

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Question 11

**Reference: In the following games, all payoffs are listed with the row player's payoffs first and the column player's payoffs second (27-29). -*In Game 2 above,

(Multiple Choice)

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Question 12

A game tree is

(Multiple Choice)

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Question 13

**Reference: In the following games, all payoffs are listed with the row player's payoffs first and the column player's payoffs second (45-46). -*Game 7 is an example of prisoners' dilemma.Thus,the payoff matrix contains jail sentences in terms of months.For this game,

(Multiple Choice)

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Question 14

**Reference: In the following games, all payoffs are listed with the row player's payoffs first and the column player's payoffs second (30-33). -*In Game 3 above,

(Multiple Choice)

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Question 15

Player A has a dominated strategy

(Multiple Choice)

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Question 16

A dominant strategy

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Question 17

All of the following statements are true except:

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Question 18

Backward induction refers to

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Question 19

**Reference: In the following games, all payoffs are listed with the row player's payoffs first and the column player's payoffs second (25-26). -*In Game 1 above,

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Question 20

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**Reference: In the following games, all payoffs are listed with the row player's payoffs first and the column player's payoffs second (42-44). -*In Game 6 above,

The likelihood of a cooperative outcome in a repeated prisoners' dilemma type game decreases when

Which of the following is most consistent with the concept of a Nash equilibrium?

**Reference: In the following games, all payoffs are listed with the row player's payoffs first and the column player's payoffs second (37-41). -*In Game 5 above,

**Reference: In the following games, all payoffs are listed with the row player's payoffs first and the column player's payoffs second (27-29). -*In Game 2 above,

**Reference: In the following games, all payoffs are listed with the row player's payoffs first and the column player's payoffs second (45-46). -*Game 7 is an example of prisoners' dilemma.Thus,the payoff matrix contains jail sentences in terms of months.For this game,

In a sequential game

**Reference: In the following games, all payoffs are listed with the row player's payoffs first and the column player's payoffs second (37-41). -*In Game 5 above,in the Nash equilibrium in mixed strategies

**Reference: In the following games, all payoffs are listed with the row player's payoffs first and the column player's payoffs second (42-44). -*In Game 6 above,

**Reference: In the following games, all payoffs are listed with the row player's payoffs first and the column player's payoffs second (42-44). -*In Game 6 above,

**Reference: In the following games, all payoffs are listed with the row player's payoffs first and the column player's payoffs second (27-29). -*In Game 2 above,

A game tree is

**Reference: In the following games, all payoffs are listed with the row player's payoffs first and the column player's payoffs second (45-46). -*Game 7 is an example of prisoners' dilemma.Thus,the payoff matrix contains jail sentences in terms of months.For this game,

**Reference: In the following games, all payoffs are listed with the row player's payoffs first and the column player's payoffs second (30-33). -*In Game 3 above,

Player A has a dominated strategy

A dominant strategy

All of the following statements are true except:

Backward induction refers to

**Reference: In the following games, all payoffs are listed with the row player's payoffs first and the column player's payoffs second (25-26). -*In Game 1 above,

Analyzing Economic Problems

Demand and Supply Analysis

Consumer Preferences and the Concept of Utility

Consumer Choice

The Theory of Demand

Inputs and Production Functions

Costs and Cost Minimization

Cost Curves

Perfectly Competitive Markets

Competitive Markets

Monopoly and Monopsony

Capturing Surplus

Market Structure and Competition

Risk and Information

General Equilibrium Theory

Externalities and Public Goods

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