You Have Been Asked to Create a Social Media Policy

question 23

Essay

You have been asked to create a social media policy for yourself. Write down three core principles you will make sure to address in your own policy based on the readings.

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Definitions:

Dominant Firm

A company with a major share of market sales, which has the power to influence market conditions and pricing.

Nash Equilibrium

A concept in game theory where no player can benefit by changing strategies while the other players keep theirs unchanged, leading to a stable state of the game.

Payoff Matrix

A table that shows the potential outcomes of different strategies in a game or decision-making situation for all involved players.

Dominant Strategies

In game theory, strategies that result in the best possible outcome for a player, regardless of the actions taken by other players.