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Business, 28.09.2019 02:30 devonyam7965

Give brief definitions of the following concepts: game theory, cooperative equilibrium, noncooperative equilibrium, dominant strategy, and nash equilibrium, and price leadership. to do this, identify the definition for each term from the following list.

a) actions taken by a firm to achieve a goal, such as maximizing profits.
b) the study of how people make decisions where attaining goals depends on interactions with others.
c) a table that shows the payoffs each firm earns from every combination of firm strategies.
d) an agreement among firms to charge the same price or otherwise not to compete.
e) a strategy that is the best for a firm, no matter what strategies other firms use.
f) a situation in which each firm chooses the best strategy, given the strategies chosen by other firms.
g) a game outcome in which players seek to increase their mutual payoff.
h) a game outcome in which players pursue their own self-interest.
i) a situation in which no player can make himself better off by changing his decision at any decision node.
j) a situation where one firm announces a price change, which is matched by other firms in the industry.

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