Question 1
________ is a repeated game strategy in which a player responds in kind to an opponent's play.
◦ Maximin
◦ Tit-for-tat
◦ Prisoners' dilemma
◦ Price leadership
Question 2
Refer to the information provided in Table 14.4 below to answer the question that follows.

Refer to Table 14.4. Firm Aʹs optimal strategy is
◦ to not raise the price of its product.
◦ to raise the price of its product.
◦ dependent on what Firm B does.
◦ indeterminate from this information, as no information is provided on Firm Aʹs risk preference.