1) Suppose that Player A can take two actions, either Up or Down. Player A is thinking to choose Up 50 percent of the time, and Down 50 percent of the time. This type of strategy is called a ____ ?
1) Suppose that Player A can take two actions, either Up or Down. Player A is thinking to choose Up 50 percent of the time, and Down 50 percent of the time. This type of strategy is called a ____ ?
Chapter1: Making Economics Decisions
Section: Chapter Questions
Problem 1QTC
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1) Suppose that Player A can take two actions, either Up or Down. Player A is thinking to choose Up 50 percent of the time, and Down 50 percent of the time. This type of strategy is called a ____ ?
2) Consider a payoff matrix of a game shown below. In each cell, the number on the left is a payoff for Player A and the number on the right is a payoff for Player B. In order for (Down, Right) to be a unique pure strategy Nash equilibrium, a must be (greater, or smaller) than 3 and b must be (greater, or smaller) than 3.
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