Assume there are three players in a game, Tom, Dick, and Harry, and all three want to meet up at either at the Library or the Student Union, no player knows with certainty where the other two will go, and they will consider their mission a failure if
all three do not meet at the same location. Use a series of "if-then" statements to describe Tom's ideal strategies based on the possible choices of Dick and Harry. Explain if Tom has a dominant strategy?
1. If Dick chooses Library and Harry chooses Library, then Tom should choose Library.
2. If Dick chooses Student Union and Harry chooses Library, then Tom should choose either Library or Student Union.
3. If Dick chooses Library and Harry chooses Student Union, then Tom should choose either Library or Student Union.
4. If Dick chooses Student Union and Harry chooses Student Union, then Tom should choose Student Union.
Tom does not have a dominant strategy because his choice depends on the choices made by the other two players.
You might also like to view...
Which of the following will most likely occur in the short run when the long-run equilibrium of an economy is disturbed by an unanticipated decrease in aggregate demand?
a. a decrease in output and a higher price level b. an increase in output and a higher price level c. a decrease in output and a lower price level d. an increase in output while prices remain unchanged
Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower