Question 1

In the matching pennies game, if Odd plays Head and Even plays Tail, what is Even's payoff?

Accepted Answer

$$-1$$

Question 2

In the matching pennies game, how many strategies does Odd have?

Accepted Answer

Two

Question 3

In the rock-paper-scissors game, what is the payoff for Player 2 if Player 1 plays Scissors and Player 2 plays Rock?

Accepted Answer

$$1$$

Question 4

A dominant strategy produces:

Accepted Answer

the highest payoff for every possible strategy of the other players.

Question 5

In the simultaneous-move game between ABC Inc. and XYZ Corp., what is the dominant strategy for both firms?

Accepted Answer

Offer Rebate

Question 6

In the game matrix where Player 1 chooses between L and R, and Player 2 chooses between U and D, what is Player 1's maximin strategy?

Accepted Answer

R

Question 7

In the game matrix where Player 1 chooses between L and R, and Player 2 chooses between U and D, what is the payoff profile if both players play their maximin strategies?

Accepted Answer

$$(-0.5, -0.5)$$

Question 8

In the duopoly game where each firm can choose between high (H), medium (M), or low (L) output, what is Firm 1's maximin strategy?

Accepted Answer

L

Question 9

In the political campaign game, if Candidate A's best response is to play 'high' regardless of Candidate B's strategy, what is Candidate A's dominant strategy?

Accepted Answer

High

Question 10

In the prisoners' dilemma game, which strategy profile is both a Nash equilibrium and an equilibrium in dominant strategies?

Accepted Answer

(Confess, Confess)

Question 11

Which of the following statements about Nash equilibrium is correct?

Accepted Answer

Each player is doing the best it can, given its opponents' strategy.

Question 12

In the integer game where each player can choose 1, 2, 3, or 4, what is Marilyn's maximin strategy?

Accepted Answer

4

Question 13

In the game matrix where Player 1 chooses between L and R, and Player 2 chooses between U and D, which strategy profile is Pareto optimal?

Accepted Answer

(R, D)

Question 14

In the simultaneous-move game between Lori and Max, what is the Nash equilibrium?

Accepted Answer

(No Bonus, Loaf)

Question 15

Which of the following is TRUE regarding the relationship between Nash equilibrium and equilibrium in dominant strategies?

Accepted Answer

An equilibrium in dominant strategies is a special case of a Nash equilibrium.

Question 16

In the public goods game, if both Other Citizens and One Citizen play their maximin strategies, what are their payoffs?

Accepted Answer

$$0, 0$$

Question 17

In the rock-paper-scissors game, does any player have a dominant strategy?

Accepted Answer

No

Question 18

In the integer game where each player can choose any positive integer, does the game have a Nash equilibrium?

Accepted Answer

No

Question 19

In the duopoly game, what is the worst-case payoff for Firm 1 if it chooses the medium output level (M)?

Accepted Answer

$$50$$

Question 20

In the game matrix where Player 1 chooses between L and R, and Player 2 chooses between U and D, which strategy profile is a Nash equilibrium?

Accepted Answer

(L, D)

Microeconomic Theory: Simultaneous-Move Games, Dominant Strategies, Nash Equilibrium, and Maximin Strategies

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