A Simultaneous Game Is One in Which

question 20

Multiple Choice

A simultaneous game is one in which:

• A) players act together to achieve a common goal.
• B) players take turns making moves and/or decisions.
• C) players make their moves and/or decisions at the same time.
• D) there is never a winner if players act rationally.

---

Definitions:

Overhead

The ongoing business expenses not directly attributable to creating a product or service, such as rent, utilities, and administrative costs.

Standard Labor Hours

The set amount of time expected to be used to complete a specific task or manufacture a product under normal conditions.

Direct Materials Quantity Variance

The difference between the actual amount of direct materials used in production and the standard amount expected to be used, valued at the standard cost.

Overhead

Ongoing business expenses not directly attributed to creating a product or service, such as rent, utilities, and administrative costs.