According to game theory, a strategy about “do to your opponent what he has just done to you” is referred as:

• A) Dominant strategy
• B) First mover advantage
• C) Tit-for-tat
• D) Nash equilibrium

Which of the following element/s includes in every game theory model?

• A) Players
• B) Payoffs
• C) Strategies
• D) All of the given options

According to game theory, First player may get advantage in which of the following games?

• A) Simultaneous games
• B) Non-repeated games
• C) Sequential games
• D) Repeated games

Which of the following model explains price rigidity concept?

• A) Stackelberg model
• B) Cournot oligopoly model
• C) Bertrand oligopoly model
• D) Sweezy oligopoly model

In a game theory approach, selecting the best possible outcome given the worst possible scenario is known as:

• A) Risky strategy
• B) Maximin strategy
• C) Worst strategy
• D) Minimax strategy

In Game theory approach,Game which is played over a fixed period of time is known as:

• A) Non-repeated game
• B) Infinitely repeated game
• C) Finitely repeated game
• D) Sequential game

Cournot oligopoly model was developed in:

• A) 1840
• B) 1838
• C) 1845
• D) 1830

Given the profit equation: \pi \, = \,12X\, + 9Y If we solve it for Y, we obtain:

• A) Y\, = \,\pi /9\, - \,4/3
• B) Y\, = \,\pi /7\, - \,7/10
• C) Y\, = \,\pi /7\, - \,10/10
• D) Y\, = \,\pi /10\, - \,4/3

Market structure including two sellers is known as:

• A) Triopoly
• B) Oligopoly
• C) Monopoly
• D) Duopoly

In a game theory, each decision maker makes choices without specific knowledge of competitors counter moves is referred as:

• A) Sequential – move game
• B) Infinitely repeated game
• C) Simultaneous – move game
• D) Finitely Repeated game

Which of the following oligopoly model failed to make price explicit?

• A) Sweezy model
• B) Bertrand oligopoly model
• C) Cournot oligopoly model
• D) Stackelberg model

In a game theory approach, a zero-sum game is about:

• A) Joint action is favored
• B) Potential for mutual gain
• C) Offsetting gains / Losses
• D) Potential for mutual loss

In price leadership models, collusion is:

• A) Implicit
• B) Not possible
• C) Explicit
• D) Ambiguous

Given the profit equation: \pi \, = \,10X\, + \,7Y If we solve it for X, we obtain:

• A) X\, = \,\pi /7\, - \,7/10Y
• B) X\, = \,\pi /10\, - \,10/10Y
• C) X\, = \,\pi /10\, - \,10/7Y
• D) X\, = \,\pi /10\, - \,7/10Y

If any cartel has full control over all firms in an industry, it can operate as:

• A) Perfectly competitive firm
• B) Monopoly firm
• C) Duopoly firm
• D) Oligopoly firm

With reference to game theory, In which of the following games, players decide about their strategy choices at the same time?

• A) Sequential games
• B) Non-repeated games
• C) Repeated games
• D) Simultaneous games

Stackelberg model was developed in:

• A) 1932
• B) 1936
• C) 1930
• D) 1934

Game theory can simply be illustrated with the help of:

• A) Prisoner’s dilemma
• B) Monopoly power
• C) Regression analysis
• D) Moving averages

With reference to game theory, a game that involves potential for mutual gains is referred as:

• A) Positive-sum game
• B) Non cooperative game
• C) Zero – sum game
• D) Negative-sum game

An equilibrium that predicts the outcome of non-cooperative games is called as:

• A) Nash equilibrium
• B) Classical equilibrium
• C) Keynesian equilibrium
• D) Market equilibrium