In the Prisoners' Dilemma

question 254

Multiple Choice

In the prisoners' dilemma,

• A)the prisoners easily collude in order to achieve the best possible payoff for both.
• B)only one player has a dominant strategy.
• C)when each player chooses his dominant strategy the players achieve the best joint outcome.
• D)when each player chooses his dominant strategy the players reach a Nash equilibrium.

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Definitions:

Total Product

The total output produced by a firm over a specific period as a result of input.

Marginal Products

The extra output generated from the inclusion of an additional unit of a particular input, while maintaining all other inputs at their current levels.

Total Product

The aggregate production level of a business within a certain period.

Marginal Products

The incremental output generated when one unit of a certain input is added, with all other conditions being held steady.