Refer to the scenario above. Pat should submit a bid of ________

In an ultimatum game where the payoff totals $100 and is split in $1 increments, the rational amount for the proposer to offer and the responder to take is

A) $0. B) $1. C) $50. D) $100.

Probabilities, which are based on past data or experience, are called

A) a priori. B) objective. C) uncertain. D) statistical.