Microeconomics (Chapter 9 West Virginia State Universi + 18page-1 Student Resour

Question

Microeconomics (Chapter 9 West Virginia State Universi + 18page-1 Student Resources Online Student Orientation A dominant strategy occurs when: Select one: O a. one player has a strategy that yields the highest payoff regardless of the other player's choice O b. both players have a strategy that yields the highest payoff independent of the other's choice. O c. both players make the same choice. O d. the payoff is the maximum possible combination of payoffs in the game. In the Nash Equilibrium of a prisoner's dilemma game: Select one O a. there is no cash left on the table. O b. there is unrealized opportunity for both to gain. O c. total economic surplus is maximized O d. both players have equal payoffs. F6 F7 F8 F9 F10 F11 F12 Prtscr Insert De

Explanation / Answer

a) The dominant strategy is a situation where the player has the optimum payoff regardless of the other players' strategy. The answer is "A".

b) "B"

there is an unrealized opportunity for both to gain but in the end, they both lose.  

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