question archive Give brief definitions of the following concepts
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Give brief definitions of the following concepts. Game theory, cooperative equilibrium, non-cooperative equilibrium, dominant strategy, and Nash equilibrium, and price leadership.
To do this, identify the definition for each item 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 form 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, give then 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 mode.
10. A situation where one firm announces a price change, which is matched by other firms in the industry.
a. Game theory: _____
b. Cooperative equilibrium: _____
c. Non-cooperative equilibrium: _____
d. Domain strategy: _____
e. Nash equilibrium: _____
f. Price leadership: _____
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