When an oligopolist chooses a maximin strategy, how is that helpful and what is being assumed about the other players?
What will be an ideal response?
A player chooses a maximin strategy to maximize the minimum gain it can earn. It assumes that the opposition will play the strategy that will be the most harmful to one's own payoff potential.
Economics
You might also like to view...
If the demand for apples is highly elastic and the supply is highly inelastic, then if a tax is imposed on apples it will be paid: a. largely by the sellers of apples
b. largely by the buyers of apples. c. equally by the sellers and buyers of apples. d. by the government.
Economics
The structural deficit does not depend on the state of the economy
a. True b. False Indicate whether the statement is true or false
Economics