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3. For the next four <strong>questions</strong>, you’ll be asked whether a strategy combination is a Nash equilibrium or not. Player A plays Top and Player B plays Left A) This is a Nash equilibrium B) This is NOT a Nash equilibrium 4. Player A plays Bottom and Player B plays Left A) This is a Nash equilibrium B) This is NOT a Nash equilibrium 5. Player A plays Top and Player B plays Right A) This is a Nash equilibrium B) This is NOT a Nash equilibrium 6. Player A plays Bottom and Player B plays Right A) This is a Nash equilibrium B) This is NOT a Nash equilibrium 7.
If each player plays her maximin strategy, what will be the outcome of the game? A) Player A plays Top and Player B plays Left B) Player A plays Bottom and Player B plays Left C) Player A plays Top and Player B plays Right D) Player A plays Bottom and Player B plays Right 8. Now suppose the same game is played with the exception that Player A moves first and Player B moves second. Using the backward induction method discussed in the online class notes, what will be the outcome of the game? A) Player A plays Top and Player B plays Left B) Player A plays Bottom and Player B plays Left C) Player A plays Top and Player B plays Right D) Player A plays Bottom and Player B plays Right 9. For the next five <strong>questions</strong>, consider a monopolist. Suppose the monopolist faces the following demand curve: P = 180 – 4Q. Marginal cost of production is constant and equal to $20, and there are no fixed costs. What is the monopolist’s profit maximizing level of output? A) Q = 45 B) Q = 40 C) Q = 30 D) Q = 20 E) Q = 10
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Page 5 and 6: C) CS = $1,600 D) CS = $600 E) CS =
Page 7 and 8: E) none of the above 17. What is th

27 multiple choice questions

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