Quiz 9: Games and Strategic Behavior

Statistics

D Explanation: Game theory is used to model situations in which the payoffs to the players depend on the actions the other players take.

B Explanation: The basic elements of a game are the players,their available strategies and the payoffs that result from all possible combinations of strategies.

A Explanation: Perfectly competitive firms do not behave interdependently.Imperfectly competitive firms are interdependent.