(See Problem 3

question 21

Multiple Choice

(See Problem 3.) Two players are engaged in a game of "chicken." There are two possible strategies, Swerve and Drive Straight. A player who chooses to Swerve is called "chicken" and gets a payoff of zero, regardless of what the other player does. A player who chooses to Drive Straight gets a payoff of 48 if the other player Swerves and a payoff of -48 if the other player also chooses to Drive Straight. This game has two pure strategy equilibria and

• A) a mixed strategy equilibrium in which each player swerves with probability 0.50 and drives straight with probability 0.50.
• B) a mixed strategy in which each player swerves with probability 0.25 and drives straight with probability 0.75.
• C) a mixed strategy equilibrium in which one player swerves with probability 0.50 and the other swerves with probability 0.50.
• D) two mixed strategies in which players alternate between swerving and driving straight.
• E) no mixed strategies.

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Definitions:

Late Marriage

The practice of entering into marriage at an older age, often considered to be beyond the traditional marrying age in a given society.

Remarry

The act of getting married again after a divorce or the death of a spouse.

Status

A social or professional position, rank, or standing of an individual or concept within a group or society.

Personal Happiness

A subjective state of well-being and contentment, characterized by positive emotions and life satisfaction.