Innovation Can Best Be Thought of as

question 119

Multiple Choice

Innovation can best be thought of as

• A)another word for invention.
• B)what occurs when new capital equipment is used.
• C)the discovery of a new principle.
• D)what occurs when new knowledge is applied in production.
• E)what happens when a new business is started.

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Definitions:

Payoff Matrix

A table that shows the potential outcomes of various strategies in a decision-making scenario, often used in game theory.

Sequential Game

A game in game theory where players make decisions or moves one after another, with later players having some knowledge of previous actions.

Nash Equilibrium

Nash Equilibrium is a concept in game theory where no player can benefit by changing strategies if other players keep their strategies unchanged.

Payoff Matrix

A table that shows the potential outcomes or payoffs from different decisions made by two or more players in a strategic setting.