Figure 7-7   In Figure 7-7 at 100 Units, AFC Equals

question 172

Multiple Choice

Figure 7-7  

In Figure 7-7 at 100 units, AFC equals

• A)10.
• B)100.
• C)180.
• D)1,000.

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Definitions:

Dominant Strategy

Strategy that is optimal no matter what an opponent does.

Payoff

Value associated with a possible outcome.

Optimal Strategy

Strategy that maximizes a player’s expected payoff.

Auctioned

A method of sale where goods or services are sold to the highest bidder.