Economics Module 11.2 Quiz

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A situation in which each firm chooses the best strategy given the strategies chosen by other firms is called a

Nash equilibrium.

Which of the following is true of a Nash equilibrium?

No player can improve his payoff by changing his strategy once in Nash equilibrium.

A dominant strategy is

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

A game in which each player adopts its dominant strategy

could result in a Nash equilibrium.

A Nash equilibrium occurs if ________.

each player chooses strategies that are mutual best responses


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