SOLVED

11) A tit-for-tat strategy can be used A) in a single-play game or a repeated game. B) in a single-play game but not a repeated game. C) in a repeated game but not a single-play game. D) in neither a repeated game nor a single-play game. E) only when there is no Nash equilibrium. 12) A trigger strategy can be used A) in a single-play game or a repeated game. B) in a single-play game but not a repeated game. C) in a repeated game but not a single-play game. D) in neither a single-play game nor a repeated game. E) only when there is no Nash equilibrium. 13) A strategy in which a player cooperates in the current period if the other player cooperated in the previous period, but the player cheats in the current period if the other player cheated in the previous period is called a A) tit-for-tat strategy. B) trigger strategy. C) duopoly strategy. D) dominant firm strategy. E) Nash strategy. 14) A trigger strategy is one in which a player A) cooperates in the current period if the other player cooperated in the previous period, but cheats in the current period only if the other player cheated in the previous period. B) cheats in the current period if the other player cooperated in the previous period, but cooperates in the current period if the other player cheated in the previous period. C) cooperates in the current period if the other player has always cooperated, but cheats forever if the other player ever cheats. D) cheats in the current period if the other player has always cheated, but cooperates forever if the other player has ever cooperated. E) changes his or her strategy in a random manner. 15) Sarah’s Soothing Diapers, Inc. and Orville’s Odorless Diapers, Inc. are duopolists, who have agreed to collude. Orville has decided that he will comply with the collusive agreement as long as Sarah cooperated in the previous period. But if Sarah cheated in the previous period, Orville will punish Sarah by cheating in the current period. Orville’s strategy is referred to as a A) Nash strategy. B) tit-for-tat strategy. C) trigger strategy. D) monkey-see, monkey-do strategy. E) dominant firm strategy. Â Â