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6 questions
What is an Oligopoly?
Market structure where only two firms control all or most of the market for a product or service
Market structure where two or more firms control most of the market and produce similar products or services
A special type of market where a single producer controls the supply for a product or service
Market structure where a large number of firms are in charge of selling or consuming similar products or services
What's the best way to define Nash Equilibrium?
A single player obtains the overall benefit
Both players do not obtain any benefit
Both players satisfy their desire outcomes
Both players satisfy the same desired outcome
How is a payoff matrix used?
To show how the reward or profit of two firms depend on the actions of each other
Shows the difference between two firms actions
To show how the reward or profit of two or more firms depend on the actions of each other
Shows the similarities between two firms actions
What is a dominant strategy?
Is a strategy that indicates the highest payoffs or best results for both players
Is a strategy that indicates the highest payoff or best result for a player
Is a strategy that determine who was the "winner"
Is a strategy that indicates which player takes control over the market
How is a payoff matrix read?
Firm A is horizontal → read vertically
Firm B is vertical → read horizontally
Firm A is horizontal → read horizontally
Firm B is vertical → read vertically
Firm B is horizontal → read horizontally
Firm A is vertical → read vertically
Firm A is horizontal → read horizontally
Firm B is vertical → read horizontally
What pairs create Nash Equilibrium?
White's live band 800
Gray' s DJ: 100
White's DJ: 100
Gray' s live band: 800
White's live band: 400
Gray' s live band: 400
White's DJ: 500
Gray' s DJ: 500
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