A Nash equilibrium is the:
A) payoff that maximizes the joint payoff.
B) output level that minimizes average total cost.
C) strategy that maximizes the outcome of all the players.
D) set of strategies such that no player can improve his or her position by changing his or her own action.

Question

Quizplus · Accepted Answer

A Nash equilibrium is a concept in game theory where each player's strategy is optimal given the strategies of all other players, meaning no player can benefit by unilaterally changing their strategy.

A Nash Equilibrium Is The