When an individual's best choice may depend on what other people choose and other people's best choices may depend on what the individual chooses, then _____ is the science that is useful to help the decision makers analyze their options.
A)strategic interaction theory
B)game theory
C)analytical strategy
D)partial equilibrium analysis

Question

Quizplus · Accepted Answer

Game theory is the science that analyzes strategic interactions between decision makers when their best choices depend on each other's choices. It helps decision makers determine their optimal choices and strategies considering the choices and strategies of others involved in the situation.

When an Individual's Best Choice May Depend on What Other