_____ Leads to New Goods and Services for Consumers, Improves

question 65

Multiple Choice

_____ leads to new goods and services for consumers, improves existing products, offers better customer service, and often reduces prices through new, cost-efficient production and distribution methods.

• A) Reintermediation
• B) Consumerism
• C) Disintermediation
• D) Technology

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Definitions:

Axelrod's Experiments

A series of computer tournaments designed by Robert Axelrod to examine strategies in the iterated prisoner's dilemma.

Prisoners' Dilemma Game

The Prisoners' Dilemma Game is a standard example of a game analyzed in game theory that shows why two rational individuals might not cooperate, even if it appears that it is in their best interest to do so.

Nash Equilibrium

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

Maximin Strategy

A strategic choice aiming to ensure the best of the worst-case outcomes in a competitive or uncertain environment.