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 cooperates this period, how many gallons will Jack produce?

30 gallons

40 gallons

70 gallons

Not enough information

Next 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 will cooperate in the current round.

Identify the context: The problem involves Jack employing a tit-for-tat strategy in response to Jill's actions. This means Jack's production decision depends on Jill's previous action.

Analyze the information given: The problem states that Jill cooperates this period, but it does not specify what cooperation means in terms of gallons produced.

Recognize the missing information: To determine how many gallons Jack will produce, we need to know what Jill's cooperation entails in terms of production quantity. Without this, we cannot determine Jack's exact production.

Conclude that the problem lacks sufficient information: Since the problem does not provide details on Jill's cooperative production level, we cannot ascertain Jack's production quantity based on the tit-for-tat strategy.