Table of contents

0. Basic Principles of Economics1h 5m
1. Reading and Understanding Graphs59m
2. Introductory Economic Models1h 10m
3. The Market Forces of Supply and Demand2h 26m
4. Elasticity2h 26m
5. Consumer and Producer Surplus; Price Ceilings and Floors3h 45m
6. Introduction to Taxes and Subsidies1h 46m
7. Externalities1h 12m
8. The Types of Goods1h 13m
9. International Trade1h 16m
10. The Costs of Production2h 35m
11. Perfect Competition2h 23m
12. Monopoly2h 13m
13. Monopolistic Competition1h 9m
14. Oligopoly1h 26m
15. Markets for the Factors of Production1h 26m
16. Income Inequality and Poverty35m
17. Asymmetric Information, Voting, and Public Choice39m
18. Consumer Choice and Behavioral Economics1h 16m

14. Oligopoly

Repeated Games

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Multiple Choice

Jack employs a tit-for-tat strategy. If Jill cheated last period, what will Jack's total profit equal this period?

$1,500

$1,600

$1,800

$2,000

Not enough information

Previous problem

Verified step by step guidance

Understand the concept of a tit-for-tat strategy: In game theory, a tit-for-tat strategy involves a player replicating the opponent's previous action. If the opponent cooperated in the last round, the player cooperates in the current round. If the opponent cheated, the player cheats in the current round.

Identify the implications of Jill cheating last period: Since Jack employs a tit-for-tat strategy, he will respond by cheating in the current period because Jill cheated in the last period.

Consider the impact of Jack's response on his profits: Cheating might lead to different profit outcomes depending on the specific context of the game, such as the payoff matrix or the nature of the interaction between Jack and Jill.

Recognize the need for additional information: To determine Jack's total profit, we would need details about the payoff structure of the game, such as how profits are affected by both players' actions (cooperate or cheat).

Conclude that without the payoff matrix or additional context, it is impossible to calculate Jack's exact profit for this period, hence the answer is 'Not enough information.'