When Participants in a Game Choose to Take Actions That

question 45

Multiple Choice

When participants in a game choose to take actions that result in a Nash equilibrium,

• A)no single participant has an incentive to change its action.
• B)each participant has chosen the best action possible,given what the others have chosen.
• C)no other set of actions could make ALL participants better off.
• D)both a and b
• E)all of the above

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Definitions:

Norm Of Reciprocity

A social norm that dictates that people should return favors and positive gestures with similar actions.

That's-Not-All Technique

A sales strategy where an initial offer is made, followed by the addition of something extra to make the offer more appealing without changing the original proposal.

Groupthink

A psychological phenomenon that occurs within a group of people when the desire for harmony or conformity results in an irrational or dysfunctional decision-making outcome.

Arms Control

A policy and strategy aimed at regulating and limiting the production, stockpiling, proliferation, and usage of weapons, especially weapons of mass destruction.