A prisoner's dilemma is a game in which:
A. the players' payoffs are larger when both play their dominant strategy compared to when both play a dominated strategy.
B. neither player has a dominant strategy.
C. the players' payoffs are smaller when both play their dominant strategy compared to when both play a dominated strategy.
D. one player has a dominant strategy and the other does not.
Answer: C
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Since the late 1970s which of the following groups has become worse off?
a. Highly-skilled workers b. Technical workers c. Less-skilled workers d. Scientists and other workers who require a lot of education e. All types of workers
Which of the following statements concerning the aggregate demand and aggregate supply model is correct?
a. The aggregate demand and aggregate supply model is nothing more than a large version of the model of market demand and supply. b. The price level and quantity of output adjust to bring aggregate demand and supply into balance. c. The aggregate supply curve shows the quantity of goods and services that households, firms, and the government want to buy at each price. d. The aggregate demand shows the quantity of goods and services that firms are willing to produce at a given price level.