Apayoff matrix shows a. the payment made to each factor of production for the production of a good b. the different combinations of two goods that can be bought with a given income c. the return from each action that players can take in a game d. the various combinations of inputs required to produce a good

The correct answer is option c.

Explanation:

A payoff matrix is a table that shows the payoff of two players according to the strategies they adopt. The rows show the strategies of one player and the columns show the strategies of the other and cells show payoff.  

It is very important in game theory as it summarizes what return or payoff each player is getting according to its action or strategy.  

It helps in determining whether a dominant strategy of players and Nash equilibrium exists or not.

whole quiz

1. the sum of all activities involved in getting high-quality products into the marketplace

2.operations

3. the principle of looking at the supply chain as a whole in order to improve the overall flow through the system.

4. produced; performed

5. activities producing tangible products, such as radios, newspapers, buses, and textbooks.

6. activities producing intangible and tangible products, such as entertainment, transportation, and education.

7.   customer focus

8. analyzing a competitor's products to identify desirable improvements

9. the systematic direction and control of the processes that transform resources into finished projects that create value for and provide benefits to consumers.

10. operation management.

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