Introduction to Economics 1 Deneme Sınavı Sorusu #1131823
Game theory is:
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A situation where each producer maximizes its profits by choosing its own price or quantity without consulting other firms. |
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An agreement among the firms of a market about the prices to charge or output supplied. |
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A situation among the interacting firms, each of which chooses their best strategy given the strategies that all the other firms have already been chosen. |
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The best response strategy for a firm, no matter what strategies other firms use. |
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The study of how people/firms/countries make decisions in situations in which attaining their goals depends on their interactions with others. |
Game theory is the study of how people/firms/ countries make decisions in situations in which attaining their goals depends on their interactions with others. In oligopolies, the interactions among firms are crucial in determining profitability because the firms are large relative to the market. In all games---chess, poker, or Monopoly-- -the interactions among the players are crucial in determining the outcome.
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