A secure strategy is a strategy that:
A. randomizes over two or more available actions in order to keep rivals from being able to predict a player's action.
B. results in the highest payoff to a player regardless of the opponent's action.
C. describes a set of circumstances in which no player can improve her payoff by unilaterally changing her own strategy, given the other players' strategies.
D. guarantees the highest payoff given the worst possible scenario.
Answer: D
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A) natural labor. B) human capital. C) consumption services. D) natural resources. E) entrepreneurship capital.
If regulations create barriers to entry in an industry, the result can be _____
a. efficiency b. monopoly c. monopsony d. higher output
Assume the Fed decreases the money supply and the demand for money curve is fixed. In response, people will:
A. sell bonds, thus driving up the interest rate. B. buy bonds, thus driving down the interest rate. C. buy bonds, thus driving up the interest rate. D. sell bonds, thus driving down the interest rate.
What is typically the main cost of pursuing a college education?
A. income forgone by not working B. tuition C. room and board D. books and supplies