An equilibrium in which the choice that each player makes is a best response to the choices other players are making is the definition of a:
A)strategic equilibrium.
B)Coase theorem solution.
C)Nash equilibrium.
D)game-played solution.

Question

Quizplus · Accepted Answer

A Nash equilibrium is a situation in which no player can improve their outcome by unilaterally changing their strategy, given the strategies of the other players. This means that each player's strategy is a best response to the strategies of the other players. Therefore, the best choice in a Nash equilibrium is to stick with the strategy that is already being played, as changing it would not lead to a better outcome.

An Equilibrium in Which the Choice That Each Player Makes