Problem
1. Economists use the ultimatum game to test judgments of fairness. What result does economic theory predict?
2. How is game theory relevant to oligopoly? Does it help to explain monopoly? Give reasons for your response.
3. What is a Nash equilibrium? How does it differ from a dominant strategy?
The response should include a reference list. Double-space, using Times New Roman 12 pnt font, one-inch margins, and APA style of writing and citations.