A set of strategies in which no player can improve his or her payoff by changing his or her own action is called a:
A. framing strategy.
B. dominant strategy.
C. Vickrey position.
D. Nash equilibrium.
Answer: D
Economics
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The effect of an import quota on the domestic market is to shift the:
a. demand curve to the right by the amount of the quota. b. demand curve to the left by the amount of the quota. c. supply curve to the right by the amount of the quota. d. supply curve to the left by the amount of the quota. e. consumers' marginal utility curves if they prefer foreign goods to domestic goods.
Economics
A city's decision to limit smoking in public areas is an example of
A. Market success. B. The invisible hand at work. C. The market mechanism at work. D. Government intervention.
Economics