Answer the following questions to the best of your ability. Show your work and explain your reasoning. Do not provide irrelevant information. If a question seems ambiguous to you, state the most reasonable assumptions to resolve the ambiguity and proceed on that basis. You can use your notes, class handouts, and the textbook, but no other sources are allowed. Label clearly which question you are answering. There are 150 total points available. |Good luck! 1. (32 points) Please state whether each of the following statements is true or false. Explain why the true statements are true. Explain why the false statements are false. (a) Any purestrategy equilibrium of a rst-price sealed-bid auction is also an equilibrium of the corresponding second-price sealedbid auc- tion involving the same set of players with the same preferences. (b) In the binary agenda game with committee voting discussed in class, if there are an odd number of committee members whose preferences are strict, the top cycle set never contains exactly two elements. (c) Only pure strategies can be dominant strategies. ((1) In general, the stability of a subgame perfect equilibrium requires the common knowledge of rationality