An Example of a Payoff in a Game Would Be

question 73

Multiple Choice

An example of a payoff in a game would be:

• A) a salary.
• B) winning an election.
• C) having clean drinking water.
• D) All of these are examples of payoffs.

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Definitions:

Private Goods

Goods that are excludable and rivalrous in consumption, meaning their use by one person diminishes availability for others and access can be restricted.

Rival Consumption

A situation in which one person's consumption of a good or service diminishes others' ability to consume the same good or service.

Excludable

A characteristic of a good or service that allows its owner to prevent others from using it without permission.

Nonexcludable

A characteristic of a good or service whereby individuals cannot be effectively excluded from using it, often resulting in public goods.