In repeated games:
A. cooperation never happens.
B. players always cooperate and enjoy a mutually beneficial equilibrium.
C. a noncooperative outcome is more likely than in a single-round game.
D. a cooperative outcome is more likely than in a single-round game.
Answer: D
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Consistency for the sample average can be defined as follows, with the exception of
A) converges in probability to . B) has the smallest variance of all estimators. C) . D) the probability of being in the range ± c becomes arbitrarily close to one as n increases for any constant c > 0.
Suppose Cournot duopolists firms face the same market demand curve, but have differing costs. At the Nash-Cournot equilibrium, the firm with the lower cost will
A) have a lower price for its product than its competitor. B) produce a smaller output than its competitor. C) have a higher price for its product than its competitor. D) produce a larger output than its competitor.