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True/False question 1. Game theory is the study of how optimal strategies are formed under conflict. (1) a) True. b) False. 2. The saddle point in a payoff matrix is always the largest number in its column and the smallest number in its row. (1) a) True. b) False. 3. The lower value of the game is always selected as the smallest of the largest numbers in a row. (1) a) True. b) False. 4. A pure strategy usually results in a larger outcome than a mixed strategy. (1) a) True

True/False question 1. Game theory is the study of how optimal strategies are formed under conflict. (1) a) True. b) False. 2. The saddle point in a payoff matrix is always the largest number in its column and the smallest number in its row. (1) a) True. b) False. 3. The lower value of the game is always selected as the smallest of the largest numbers in a row. (1) a) True. b) False. 4. A pure strategy usually results in a larger outcome than a mixed strategy. (1) a) True

Practical Management Science
Practical Management Science
6th Edition
ISBN:9781337406659
Author:WINSTON, Wayne L.
Publisher:WINSTON, Wayne L.
Chapter2: Introduction To Spreadsheet Modeling
Section: Chapter Questions
Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...
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True/False question 1. Game theory is the study of how optimal strategies are formed under conflict. (1) a) True. b) False. 2. The saddle point in a payoff matrix is always the largest number in its column and the smallest number in its row. (1) a) True. b) False. 3. The lower value of the game is always selected as the smallest of the largest numbers in a row. (1) a) True. b) False. 4. A pure strategy usually results in a larger outcome than a mixed strategy. (1) a) True b) False 5. If a game has expected value 2, then the row player will gain two points by playing his optimal mixed strategy. (1) a) True b) False 6. If a game has expected value 2, then the row player will gain an average of two points per play assuming both players use their optimal mixed strategies. (1) a) True b) False 7. Different saddle points in the same payoff matrix always have the same payoff. (1) a) True b) False 8. An optimal strategy is one that maximizes one's maximum potential gain. (1) a) True b) False
Transcribed Image Text:True/False question 1. Game theory is the study of how optimal strategies are formed under conflict. (1) a) True. b) False. 2. The saddle point in a payoff matrix is always the largest number in its column and the smallest number in its row. (1) a) True. b) False. 3. The lower value of the game is always selected as the smallest of the largest numbers in a row. (1) a) True. b) False. 4. A pure strategy usually results in a larger outcome than a mixed strategy. (1) a) True b) False 5. If a game has expected value 2, then the row player will gain two points by playing his optimal mixed strategy. (1) a) True b) False 6. If a game has expected value 2, then the row player will gain an average of two points per play assuming both players use their optimal mixed strategies. (1) a) True b) False 7. Different saddle points in the same payoff matrix always have the same payoff. (1) a) True b) False 8. An optimal strategy is one that maximizes one's maximum potential gain. (1) a) True b) False
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