d and e Match the definition to each term listed below.NumberDefinitionA table that shows the payoffs each firm earns from every combination of firm strategiesAn agreement among firms to charge the same price or otherwise not to competeAn option that is better than any alternative option regardless of what the other firm doesAn outcome of a strategic game from which neither rival wants to deviateA game outcome in which players seek to increase their mutual payoffA practice where one firm initiates a price change and the other firms follow the leaderA game in which the firms choose their strategies at the same time34One firm's gain must equal the other firm's lossA game in which the sum of the two firms' outcomes is positive8.Firms select their optimal strategies in a single time period without regard to possible interactions insubsequent time periods1011A game that occurs more than onceInstructions: Enter a numeric response corresponding to the number of the definition listed above.a. Positive-sum game:b. One-time game:c. Cooperative equilibriumd. Simultaneous game:e. Dominant strategy:

We use all the basic definitions of game theory to answer these questions.

Match the definition to each term listed below. Number Definition A table that shows the payoffs each firm earns from every combination of firm strategies An agreement among firms to charge the same price or otherwise not to compete An option that is better than any alternative option regardless of what the other firm does An outcome of a strategic game from which neither rival wants to deviate A game outcome in which players seek to increase their mutual payoff A practice where one firm initiates a price change and the other firms follow the 1leaden A game in which the firms choose their strategies at the same time 3 4 One firm's gain must equal the other firm's loss A game in which the sum of the two firms' outcomes is positive Firms select their optimal strategies in a single time period without regard to possible interactions in subsequent time periods 10 11 A game that occurs more than once Instructions Enter a numeric response corresponding to the number of the definition listed above. a. Positive-sum game: b. One-time game: c. Cooperative equilibrium: d. Simultaneous game: e. Dominant strategy:

Match the definition to each term listed below. Number Definition A table that shows the payoffs each firm earns from every combination of firm strategies An agreement among firms to charge the same price or otherwise not to compete An option that is better than any alternative option regardless of what the other firm does An outcome of a strategic game from which neither rival wants to deviate A game outcome in which players seek to increase their mutual payoff A practice where one firm initiates a price change and the other firms follow the 1leaden A game in which the firms choose their strategies at the same time 3 4 One firm's gain must equal the other firm's loss A game in which the sum of the two firms' outcomes is positive Firms select their optimal strategies in a single time period without regard to possible interactions in subsequent time periods 10 11 A game that occurs more than once Instructions Enter a numeric response corresponding to the number of the definition listed above. a. Positive-sum game: b. One-time game: c. Cooperative equilibrium: d. Simultaneous game: e. Dominant strategy:

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Question

d and e

Match the definition to each term listed below.
Number
Definition
A table that shows the payoffs each firm earns from every combination of firm strategies
An agreement among firms to charge the same price or otherwise not to compete
An option that is better than any alternative option regardless of what the other firm does
An outcome of a strategic game from which neither rival wants to deviate
A game outcome in which players seek to increase their mutual payoff
A practice where one firm initiates a price change and the other firms follow the leader
A game in which the firms choose their strategies at the same time
3
4
One firm's gain must equal the other firm's loss
A game in which the sum of the two firms' outcomes is positive
8.
Firms select their optimal strategies in a single time period without regard to possible interactions in
subsequent time periods
10
11
A game that occurs more than once
Instructions: Enter a numeric response corresponding to the number of the definition listed above.
a. Positive-sum game:
b. One-time game:
c. Cooperative equilibrium
d. Simultaneous game:
e. Dominant strategy:

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