Suppose That in the Hawk-Dove Game , the Payoff to Each

question 17

Multiple Choice

Suppose that in the Hawk-Dove game , the payoff to each player is -9 if both play Hawk.If both play Dove, the payoff to each player is 5, and if one plays Hawk and the other plays Dove, the one that plays Hawk gets a payoff of 9 and the one that plays Dove gets 0.In equilibrium, we would expect hawks and doves to do equally well.This happens when the proportion of the total population that plays Hawk is

• A).31.
• B).15.
• C).08.
• D).65.
• E)1.

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Definitions:

Wage Rates

The standard amount of compensation a worker receives for labor, typically expressed per hour, day, or piece.

Sticky Downward

Describes prices or wages that are resistant to decrease even in conditions where economic theory suggests they should fall, contributing to slow adjustments in markets.

Long-run Aggregate Supply

Long-run aggregate supply represents the total output of goods and services that an economy can produce when it is operating at full capacity, unaffected by the price level in the long term.

Resource Prices

The costs associated with procuring the natural, human, and capital resources needed for producing goods and services.