Sample Questions: Chapter 9
Short Questions
Try questions 2 and 9 from the textbook.
Multiple Choice Questions
1. Which of the following circumstances does not involve game theory?
A)
A local gas station owner wondering how his competition across the street will
react to his decision to lower prices.
B)
Buying a can of beef stew at the grocery store.
C)
Negotiating a salary when two firms have made offers.
D)
Deciding whether to have an extramarital affair.
E)
Playing poker.
2.
A game consists of
A)
the players, the possible strategies, and the payoffs to each strategy.
B)
the players and the possible strategies.
C)
the possible strategies and the payoffs to each strategy.
D)
the players and the payoffs to each strategy.
E)
the payoffs to each strategy.
3.
A dominant strategy occurs when
A)
one player has a strategy that yields the highest payoff independent of the other
player's choice.
B)
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 Spring '09
 James
 Economics, Game Theory, Organization of Petroleum Exporting Countries

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