Micro Homework due in 50 mintues please help! Give brief definitions of the foll

Question

Micro Homework due in 50 mintues please help!

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. 1 Actions taken by a firm to achieve a goal, such as maximizing profits. 2 The study of how people make decisions where attaining goals depends on interactions with others. 3 A table that shows the payoffs each firm earns from every combination of firm strategies. 4 An agreement among firms to charge the same price or otherwise not to compete. 5 A strategy that is the best for a firm, no matter what strategies other firms use. 6 A situation in which each firm chooses the best strategy, given the strategies chosen by other firms. 7 A game outcome in which players seek to increase their mutual payoff. 8 A game outcome in which players pursue their own self-interest. 9 A situation in which no player can make himself better off by changing his decision at any decision node. 10 A situation where one firm announces a price change, which is matched by other firms in the industry. a. Game theory:. (Enter a numeric response corresponding to a definition listed above using an integer.) b. Cooperative equilibrium:. c. Noncooperative equilibrium:. d. Dominant strategy:. e. Nash equilibrium:. f. Price leadership: .

Explanation / Answer

a. 3

b. 7

c. 8

d. 5

e. 6

f. 10

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