Consider the following game. You roll a 6-sided die and each time you roll a 1, you get $50. For all other outcomes you pay $10. The $50 when you "win" and the -$10 when you "lose" are known as
A) payoffs.
B) winnings and losings, respectively.
C) incentives.
D) expected values.

Question

Quizplus · Accepted Answer

The amounts of money you gain or lose in this game are referred to as "payoffs," which is a term used in game theory and economics to describe the outcomes of different strategies or decisions.

Consider the Following Game