FIGURE 2- 3

question 64

Multiple Choice

FIGURE 2- 3
-At the minimum or the maximum of the graph of a non- linear function (with x on the horizontal axis and y on the vertical axis) the marginal response of y to a small change in x is

• A)0.
• B)1.
• C)undefined.
• D)- 1.
• E)infinite.

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Definitions:

Nash Equilibrium

A concept in game theory where no player can benefit by changing strategies while the other players keep their strategies unchanged.

Maximin Strategy

A decision-making rule used in game theory and statistics to maximize the minimum gain that can be achieved.

Dominant Strategy

In game theory, a strategy that is best for a player regardless of the strategies chosen by other players in the game.

Nash Equilibria

A concept in game theory where no player can gain by unilaterally changing their strategy, indicating a balance where each player's strategy is optimal given the other players' strategies.