The three most common elements in game theory models are:
A)players,strategies,and payoffs.
B)labor,capital,and returns.
C)price,output,and profit.
D)firms,inputs,and output.

Question

Quizplus · Accepted Answer

Players, strategies, and payoffs are the three most common elements in game theory models. Players are the decision-makers in the game, strategies are the possible actions that players can take, and payoffs are the rewards or outcomes associated with each possible combination of strategies chosen by the players. Labor, capital, returns, price, output, profit, firms, inputs, and output are all relevant concepts in economics, but they are not the three most common elements in game theory models.

The Three Most Common Elements in Game Theory Models Are