Consider a "Prisoners' Dilemma" Game Consisting of Two Firms in Collusion

question 72

Multiple Choice

Consider a "prisoners' dilemma" game consisting of two firms in collusion to maximize profit.However,the game is repeated indefinitely and each player employs a tit-for-tat strategy.The equilibrium described here is called a

• A)credible strategy equilibrium.
• B)dominant player equilibrium.
• C)duopoly equilibrium.
• D)trigger strategy equilibrium.
• E)cooperative equilibrium.

Comprehend the concept of drafts, including sight drafts and bank drafts, and their use in commerce.

Appreciate the historical and modern uses of negotiable instruments in business transactions.

Recognize the legal outcomes of dishonored drafts and the implications of "without recourse" endorsements.

Understand the legal requirements and implications of accepting drafts.