In game theory, a Nash equilibrium is defined as:
A) the dominant strategy of each player.
B) a set of strategies for which all players are choosing their best strategy, given the actions of the other players.
C) the set of strategies that result in the maximum payoff to each player.
D) the set of strategies chosen when the players in a game can cooperate with each other.
B
You might also like to view...
Suppose a student is attending your college on an athletic scholarship, and doesn't pay a penny for tuition. According to the economic way of thinking, the student's cost of attending college is
A) zero. B) bore completely by the college's athletic fund. C) positive, because the student sacrificed some other opportunity to attend your college. D) positive, because the student still needs food and housing. E) negative, because nobody really gains by trying to combine athletics with higher education.
In the short-run, if a firm increases output when MR > MC, then:
A. profit will equal zero. B. profit will increase. C. profit will decrease. D. profit will remain the same.
Which of the following statements is ?false?
What will be an ideal response?
All of the following are advantages of organizing a business as a sole proprietorship EXCEPT
A) ease of formation. B) limited liability. C) ease of decision-making. D) single taxation.