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7) A Nash equilibrium:
a. Results in a payoff for a player that is no lower than any other payoff, regardless of the
strategy adopted by the other players
b. Results in the largest payoff for both players
c. Occurs when each player adopts a strategy that it believes is the best response to the other
players strategy
d. Results in the best of the worst possible payoffs
8) The organizational tool, a table with numbers that summarizes who the players are, the
actions available to each player, the payoffs available to each player for each action that he or she
might choose given the action chosen by their rival.
a. Mutual independence
b. Economic Model
c. Pure Coordination
d. Payoff Matrix
9) A focal-point equilibrium:
a. May be a possible solution to a game involving multiple Nash equilibrium.
b. Cannot exist in the presence of multiple Nash equilibriums.
c. Results when two players follow a secure strategy.
d. Applies only to multistage games.
10) Incomplete situations where one person knows more than another
a. Imperfect information
b. Screening
c. Incomplete information
d. Asymmetric information
12) Our solution to the game must take into account the incentives of
a. The parties
b. Every possible decision point
c. Just the decision points
d. Both a and b
14) The structure of the extensive form game and the idea of a subgame perfection gives us a
way to distinguish ________ threats from ones that ________.
a. Non-credible, are
b. Credible, are not
c. Credible, are
d. Non-credible, are not
15) A solution to a multistage game may be arrived at through:
a. Deductive reasoning
b. Inductive reasoning
c. Backward iteration
d. Simple method
1. C
2. D
3. B
4. A
5. D
6. C
7. C
8. D
9. A
10. D
11. C
12. D
13. D
14. B
15. C