fully explain your answer and clearly state if the statements are true or false. Points are awarded based on explanations.

1. In a two-player game, a Nash equilibrium is the outcome that maximizes the sum of the players' payoffs. (you have one paragraph)

2. In a Nash equilibrium in a two-player game, both players must have selected a dominant strategy. (you have one paragraph)

3.Repeatedly playing the Prisoner's Dilemma may or may not result in a cooperative solution. (you have one paragraph)

4.In the models of oligopoly considered in the recorded lectures, the equilibrium price will be strictly lower if there are n + 1 firms than if there are n firms. (you have one paragraph)

5.In the models of oligopoly considered in the recorded lectures, consumers are no better off than in a perfectly competitive market. (you have one paragraph)