A Game in Which All the Players Are Better Off

question 59

Multiple Choice

A game in which all the players are better off at the end of the game is a

• A) tit-for-tat game.
• B) dominant strategy game.
• C) positive-sum game.
• D) noncooperative game.

Interpret and solve problems using matrix notation and operations.

Apply the method of elimination and substitution in solving systems of equations.

Identify inconsistent systems of equations and conditions for unique solutions.

Determine the augmented matrices from a set of linear equations.

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Definitions:

Noncooperative Equilibrium

In game theory, the equilibrium that results when all players choose the action that maximizes their payoffs given the actions of other players, ignoring the effect of that action on the payoffs of other players; also known as Nash equilibrium.

Cable TV Market

A sector of the economy that deals with the distribution and provision of cable television services to consumers.

High Price

A term describing goods or services offered at a price above the average or market rate.

Dominant Strategy

In game theory, a strategy that is optimal for a player, irrespective of what the opponent does.