In a Prisoner's Dilemma Game a Dominant Strategy Would Mean

question 16

Multiple Choice

In a prisoner's dilemma game a dominant strategy would mean that one of the players

• A)Follows the moves of the opponent no matter what the opponent does
• B)Knows the payoff matrix outcomes while the other does not
• C)Is sure to come out with the most preferred outcome no matter what the other does
• D)Will benefit most from one particular move no matter what the opponent does

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Definitions:

Industry's Price

The general price level at which goods and services are bought and sold within a specific industry.

Output

The total amount of goods and services produced by a company, industry, or economy.

Marginal Revenue Curve

A graphical representation that shows how marginal revenue varies with changes in the quantity of output sold.

Deadweight Loss

A loss of economic efficiency that can occur when equilibrium for a good or a service is not achieved or is not achievable.