Question

Identify the definition for each term listed below from the following list. 1. The study of how people make decisions where attaining goals depends on interactions with others. 2. A table that shows the payoffs each firm earns from every combination of firm strategies. 3. An agreement among firms to charge the same price or otherwise not to compete. 4. A strategy that is the best for a firm, no matter what strategies other firms use. 5. A situation in which each firm chooses the best strategy. given the strategies chosen by other firms. 6. A game outcome in which players seek to increase their mutual payoff. 7. A situation where one firm announces a price change, which is matched by other firms in the industry. 8. A game in which the firms choose their strategies at the same time. 9. One firm's gain must equal the other firm's loss. 10. A game in which the sum of the two firms' outcomes is positive. 11. The firms select their optimal strategies in a single time period without regard to possible interactions in subsequent time periods. 12. A game that recurs more than once. Instructions: Enter a numeric response corresponding to a definition listed above using an integer. a. Collusion: b. Zero-sum game: c. Game theory: d. Positive-sum game: e. Payoff matrix: 2

Answer 1

Answer :-

Collusion - 3

Zero-sum game - 9

Game theory - 1

Positive-sum game - 10

Payoff matrix - 2

Explanation :-

Callusion - When rival fisums in an industry come together to influence the market for their' mutual benefit. It is an agreement among fisums to charge the same price or otherwise not to compete. Zero-sum game - When one person wins and the other loses. It is game gain must equal to the other fisim’s in which one fisum's loss. Game theory - The decisi Study of decisions of fisums in industries where the profit of a fisem depend on its interactions with other fisums. The how people make decisions in situations in which attaining their goals depends on their interactions study with others

Positive-sum in which one 9- It is a game - game party's gains exceeds the other party's losses. So, the sum of the two fisemi outcomes is positive Since the gains and losses add upto more than you Payoff Matrix - A payoff matrix shows how the payoff to each of the participants in a two-player game depends on the action of both. 9+ is a table that shows the payoffs that each fisum earns from every combination of Strategies by the fisums Note : - Hexe the “ Payoff stefers to the reward player game. recieved in a by