The players in a two-person game are choosing between Strategy X and Strategy Y. If the second player chooses Strategy X, the first player's best outcome is also to select X. If the second player chooses Strategy Y, the first player's best outcome is to select X. For the first player, Strategy X is called a
a. dominant strategy
b. collusive strategy
c. tit-for-tat strategy
d. repeated-trial strategy
e. tacit strategy
A
Economics
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Refer to Figure 10-6. A change in the price of popcorn only is shown in
A) Panel A. B) Panel B. C) Panel C. D) none of the above panels.
Economics
The slope of the budget constraint:
A) changes as the marginal rate of substitution changes. B) is the ratio of the prices of the two goods. C) is the ratio of the budget to total utility. D) equals one, since the consumer can purchase any combination along the budget constraint.
Economics