Matt Kaminsky Bought a Volvo That Is 3 3/4 Times

question 46

Multiple Choice

Matt Kaminsky bought a Volvo that is 3 3/4 times as expensive as the car his parents bought. If his parents paid $8,000 for theirs, what is the cost of Matt's car?

• A) $26,000
• B) $28,000
• C) $29,000
• D) $30,000
• E) None of these

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Definitions:

Nash Equilibrium

A concept within game theory where no participant can gain by a unilateral change of strategy if the strategies of the others remain unchanged.

Simultaneous Game

A type of strategic game in game theory where all players make decisions or choose their strategies at the same time without knowledge of the others' choices.

Utility

A measure of satisfaction or happiness that consumers receive from consuming goods and services.

Prisoner's Dilemma

A fundamental problem in game theory demonstrating that two people might not cooperate even if it is in both their best interests to do so.