Is a player's best response in a game the same as his dominant strategy? Explain
What will be an ideal response?
A player's best response is not the same as his dominant strategy. A best response is simply one player's optimal choice, taking the other player's action as given. In other words, a best response gives a player a payoff that is at least as large as the payoff from any other strategy she has available. However, when a player has the same best response to every possible strategy of the other player(s), then we say that the player has a dominant strategy.
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Suppose that in each of four successive years producers sell more of their product and at lower prices. This could be explained:
A. by small annual increases in supply accompanied by large annual increases in demand. B. in terms of a stable supply curve and increasing demand. C. in terms of a stable demand curve and increasing supply. D. as an exception to the law of supply.
Which statement is true?
A. There were no recessions during the 1980s. B. The 1920s was not a prosperous decade. C. The federal government played a significant role during Dwight Eisenhower's presidency. D. The longest recession since World War II began in 1990.