Question

Question 1

An equilibrium in best responses is called a _________ equilibrium.

Monopoly

Nash

Total Revenue

Perfectly Competitive

Question 2

If a player with three possible strategies, call them {Up, Middle, Down}, always plays Middle then...

Middle is strictly dominant

Down is strictly dominant

Up is strictly dominant

Middle is strictly dominated

Question 3

		Mary
		Left	Right
Julia	Up	($150, $100)	($200, $0)
	Down	($160, $100)	($175, $150)

What is the Nash Equilibrium?

(175,150)

(150,100)

(200,0)

The is no Nash Equilibrium in this game

Question 4

		Colton
		Left	Right
Savannah	Up	($100, $100)	($120, $0)
	Down	($175, $200)	($150, $150)

What is the Nash Equilibrium?

(150,150)

(175,200)

There is no Nash Equilibrium

(100,100)

Question 5

		Maggie
		Left	Middle	Right
Tess	Up	($100, $100)	($350,$120)	($200, $0)
	Middle	($50,$75)	($210,$50)	($210,$125)
	Down	($150, $200)	($200,$155)	($150, $150)

This game has ________ Nash equilibrium(s).

3

0

1

2

Answer 1

Question 1.

An equilibrium in best responses is called a Nash equilibrium. It is a set of strategies, that no single player can obtain a higher payoff by deviating unilaterally.

Answer: Nash

2. A player has 3 strategies : Up, Middle, Down and he always plays Middle, then Middle is strictly dominant strategy for the player. A dominant strategy is a strategy that makes the player better off always, regardless of what his opponent chooses.

Answer: Middle is strictly dominant