The Essence of Game Theory as Used in Economics

question 77

Multiple Choice

The essence of game theory as used in economics:

• A)refers to learning how to make money by gambling in a casino.
• B)is to gain insights into the strategic interaction of economic players.
• C)boils down to a few principles that can be applied in any economic model.
• D)is to help building a sophisticated theory with no relevance for the real world.

---

Definitions:

°C

A unit of measurement for temperature on the Celsius scale, where 0°C represents the freezing point of water and 100°C represents the boiling point at sea level.

Gas Law

A set of laws that describe the behavior of gases in relation to pressure, volume, temperature, and quantity.

Mole

A mole is a unit of measurement used in chemistry to quantify the amount of substance, equivalent to approximately 6.022 x 10^23 particles, atoms, molecules, ions, or electrons.

Gas

One of the four fundamental states of matter with indefinite shape and volume, composed of molecules in constant random motion.