Question

In: Economics

Identify the definition for each term listed below from the following list. 1. The study...

Identify the definition for each term listed below from the following list.

1. The study of how people make decisions where attaining goals depends on interactions with others.

2. A table that shows the payoffs each firm earns from every combination of firm strategies.

3. An agreement among firms to charge the same price or otherwise not to compete.

4. A strategy that is the best for a firm, no matter what strategies other firms use.

5. A situation in which each firm chooses the best strategy, given the strategies chosen by other firms.

6. A game outcome in which players seek to increase their mutual payoff.

7. A situation where one firm announces a price change, which is matched by other firms in the industry.

8. A game in which the firms choose their strategies at the same time.

9. One firm’s gain must equal the other firm’s loss.

10. A game in which the sum of the two firms’ outcomes is positive.

11. The firms select their optimal strategies in a single time period without regard to possible interactions in subsequent time periods.

12. A game that recurs more than once.

Instructions: Enter a numeric response corresponding to a definition listed above using an integer.

a. Collusion: .

b. Zero-sum game: .

c. Game theory: .

d. Positive-sum game: .

e. Payoff matrix: .

Expert Solution

1. The study of how people make decisions where attaining goals depends on interactions with others: Game theory

2. A table that shows the payoffs each firm earns from every combination of firm strategies: Payoff matrix

3. An agreement among firms to charge the same price or otherwise not to compete: Collusion

4. A strategy that is the best for a firm, no matter what strategies other firms use: Dominant strategy

5. A situation in which each firm chooses the best strategy, given the strategies chosen by other firms: Nash equilibrium

6. A game outcome in which players seek to increase their mutual payoff: Collusion

7. A situation where one firm announces a price change, which is matched by other firms in the industry: Collusion

8. A game in which the firms choose their strategies at the same time: Collusion

9. One firm’s gain must equal the other firm’s loss: Zero sum game

10. A game in which the sum of the two firms’ outcomes is positive: Positive sum game

11. The firms select their optimal strategies in a single time period without regard to possible interactions in subsequent time periods: Collusion

12. A game that recurs more than once: NA

Rahul Sunny answered 7 months ago

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