Econ 201 Questions and Correct Answers | Latest Update
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Course
Econ 201
Institution
Econ 201
First Welfare Theorem
-Perfectly Competitive Market (All goods sold are somewhat equal; at
equal prices)
-No externalities
-Pareto Efficient
Collusion
The event that occurs when agents in a game form an agreement about
strategies to implement
Payoff Matrix
A visual r...
Best Grades | Must Pass | Latest Update | Correct Answers | 2024/ 2025
Econ 201 Questions and Correct Answers |
Latest Update
First Welfare Theorem
-Perfectly Competitive Market (All goods sold are somewhat equal; at
equal prices)
-No externalities
-Pareto Efficient
Collusion
The event that occurs when agents in a game form an agreement about
strategies to implement
Payoff Matrix
A visual representation of a game showing all possible strategies for each
player/all potential outcomes and payoffs
Prisoners Dilemma
A cause in which individually rational behavior leads to a jointly
inefficient outcome
Nash Equilibrium
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, Best Grades | Must Pass | Latest Update | Correct Answers | 2024/ 2025
A set of strategies (one for each player) in which each players strategy is
the best option for that player, given the chosen strategy of the other
player
Tit-For-Tat Strategy
A strategy in which a player follows of course of action consistent with the
other players choices e.g. if one player does not cooperate, the other
player will retaliate
Dominant Strategy
A players best choice, if it exists, regardless of his opponents strategy
Inelastic
Price change does not effect quantity e.g. insulin
Elastic
Price change effects quantity e.g. food
Determinants of Demand
-prices of other goods
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