Statistics Show That in the U

question 39

Multiple Choice

Statistics show that in the U.S., about_______ % of small businesses fail in the firsive years.

• A) 10
• B) 15
• C) 25
• D) 50

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Definitions:

Maximin Strategy

In game theory, a strategy chosen to maximize the minimum gain that can be earned.

Equilibrium

A state where market supply and demand balance each other, and as a result, prices become stable.

Price-Leadership Model

A market situation where one dominant company sets the price of goods or services within an industry and other companies follow suit.

Nash Equilibrium

In game theory, the result of all players’ playing their best strategy given what their competitors are doing.