1. Which of the following circumstances in an industry will result in a Nash equilibrium?Group of answer choices

All firms have a dominant strategy, and none choose it.

All firms have a dominant strategy, but only some choose to follow it.

All firms have a dominant strategy and each firm chooses its dominant strategy.

All firms choose their strategy randomly.

None of the other answers is correct.

2.Consider the following game where two players are simultaneously deciding whether to cooperate or cheat. The payoffs are given by the table below. The first payoff is for player one.

Player two

Player one Cooperate Cheat

Cooperate 20, 20 0, 22

Cheat 32, 0 10,10

Group of answer choices

Neither player has a dominant strategy.

Both players' dominant strategy is Cheat.

There is one Nash Equilibrium in this game.

a and c are correct.

b and c are correct.

3.Suppose Evan and Fred are playing rock, paper, scissors game. They choose their actions simultaneously. The consequences are as follows: the one who wins can play computer games for 1 hour, the one who loses cannot play computer games. In case of a tie, each of them can play computer games for a half hour. Assuming that Evan and Fred like to play computer games, which answer is correct?

Group of answer choices

There are multiple Nash Equilibria in this game.

There is no Nash Equilibrium in this game.

In the unique Nash Equilibrium, Evan and Fred can both play games.

Both Evan and Fred have dominant strategy.

None of the other answers is correct.

4.Consider the following game where firm one decides whether to promote the products or leave the market (Promote or Leave) and firm two decides to whether update the current products or develop new products (Update or New).The payoffs are given by the table below. The first payoff is for firm one.

Firm two

Firm one New Update

Promote -10, 30 25, 40

Leave 0, 60 0, 50

Firm two has the first mover advantage.

Firm one has the second mover advantage.

In subgame perfect equilibrium firm two chooses to develop new products.

a and c are true

None of the above

5.f the demand and supply functions of a good are given by P = 200 - 3Q and P = 40 + 2Q, respectively, then imposing a $15 per unit tax on the good collected from sellers will: Group of answer choices

decrease equilibrium quantity by 29 and increase the price that buyers pay by $10.

decrease equilibrium quantity by 29 leave the equilibrium price unchanged.

decrease equilibrium quantity by 3 and increase the price that buyers pay by $9.

decrease equilibrium quantity by 3 and increase the price that buyers pay by $15.

None of the other answers is correct.