Indicate whether you agree or disagree with each of the following statements. Briefly explain each of your answers.

1. A risk-averse person will always reject risky bets

2. The firms in oligopolistic industries are likely to earn high profits

3. The struggle by companies in "high-tech" industries to establish technological standardsthat are favorable to themselves is a good example of the practical application of the insights thatcan be gained from the prisoner's dilemma