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# 1) Game models are classified by the

## a) size of the payoff.

b) sum of all payoffs.
c) nature of strategies employed.
d) all of the above
2) Each player should follow the same strategy regardless of the other player's strategy in which of
the following games?
a) Constant strategy
b) Mixed strategy
c) Pure strategy
d) Dominance strategy
3) Consider the following two-person game, and determine the saddle point if it exists.
Y1 Y2
X1 4 6
X2 5 -3
a) X2Y2
b) X1Y2
c) X1Y1
d) There is no saddle point.
4) The saddle point in a payoff matrix is always the __________.
a) largest number in the matrix
b) smallest number in its column and the smallest number in its row
c) smallest number in the matrix
d) largest number in its column and the smallest number in its row
5) In a mixed strategy, each player should optimize the
a) maximum payoffs.
b) lower value of the game.
c) minimum loss.
d) expected gain.
6) Consider the following two-person game. What strategy will Y play?
Y1 Y2
X1 52 37
a)
X2 26 18
b)
a) X1
b) X2
c) Y1
d) Y2
7) Considering the following two-person game, what percentage of the time should Y play strategy
Y1?

Y1 Y2
X1 52 37
a)
X2 26 18
b)
a) 1/3
b) 2/3
c) 4/9
d) 5/9
8) Considering the following two-person game, the value of the game (if played many times) is
Y1 Y2
X1 52 37
X2 26 18
a) 19.00.
b) 4.75.
c) 11.00.
d) 17.00
9) Considering the following two-person game, what is Y’s best strategy?
Y1 Y2
X1 3 6
X2 2 -2
a) X1
b) X2
c) Y1
d) Y2
10) Given the following two-person game, which strategy can be eliminated by use of dominance?
Y1 Y2
X1 3 6
a)
X2 2 -2
b)
a) X1
b) X2
c) X3
d) None of the above
11) A firm that considers the potential reactions of its competitors when it makes a decision
a. is referred to as a price leader.
b. is engaged in strategic behavior.
c. is engaged in collusion.
d. is referred to as a barometric firm.
12) Which of the following is an example of strategic behavior?
a) A firm builds excess capacity to discourage the entry of competitors.
b) A firm adopts the pricing behavior of a dominant firm under the assumption that other
firms will do likewise.
c) Firms in an industry increase advertising expenditures to avoid losing market share.
d) All of the above are examples of strategic behavior.
13) Which one of the following is a part of every game theory model?
14) In game theory, a choice that is optimal for a firm no matter what its competitors do is referred to
as
15) Which of the following circumstances in an industry will result in a Nash equilibrium?
16) Which of the following describes a Nash equilibrium?
17) A prisoners' dilemma is a game with all of the following characteristics except one. Which one is
present in a prisoners' dilemma?
18) Which of the following legal restrictions, if enforced effectively, would be likely to solve a prisoners'
dilemma type of problem for the firms involved?
19) Until recently, medical doctors and lawyers have been prohibited from engaging in competitive
advertising. If the prisoners' dilemma applies to this situation, then the presence of this restriction
would be likely to
20) Which one of the following conditions is required for the success of a tit-for-tat strategy?
21) An oligopolistic may engage in short-run behaviour that results in lower profits if
22) A firm may decide to increase its scale so that it has excess production capacity because, by doing
so, it is able to
23) Game theory is concerned with
24) Which of the following is an example of a game theory strategy?
25) In game theory, a situation in which one firm can gain only what another firm loses is called?
26) Which of the following is a nonzero-sum game?
27) Which of the following is a zero-sum game?
28) A plan of action that considers the reactions of rivals is an example of
29) In game theory, the outcome or consequence of a strategy is referred to as the
30)