Is a player's best response in a game the same as his dominant strategy? Explain
What will be an ideal response?
A player's best response is not the same as his dominant strategy. A best response is simply one player's optimal choice, taking the other player's action as given. In other words, a best response gives a player a payoff that is at least as large as the payoff from any other strategy she has available. However, when a player has the same best response to every possible strategy of the other player(s), then we say that the player has a dominant strategy.
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By using all available resources and technology the economy will:
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What are the four elements of a PEST analysis?
Power, Environment, Science, Teaching Political, Economic, Social, Technological Paper, Element, Savings, Trust Political, Environment, Social, Technological
Which of the following is not true?
A) The share of total farm receipts earned by the largest farms has been increasing during the past two decades. B) Productivity in the farm sector has increased dramatically over the past 50 years. C) The own-price elasticity is always negative. D) None of the above (that is, all statements are true).