What Is Game Theory

question 53

Multiple Choice

What is game theory?

• A) Firms try to maximize their profits by acting in ways to minimize damage from competitors.
• B) Firms attempt to capture competitors markets by developing slightly differentiated products
• C) Firms try to gain market shares through predatory pricing.
• D) Firms attempt to maximize market share through strategic advertising and product placement.

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Definitions:

Statoliths

Granules of loose sand or calcium carbonate found in statocysts.

Otoliths

Small calcium carbonate crystals in the saccule and utricle of the inner ear; sense gravity and are important in static equilibrium.

Stereocilia

Hairlike projections of hair cells; microvilli that contain actin filaments.

Lateral Line Organs

Specialized sense organs in aquatic vertebrates that detect movement and vibration in the surrounding water.