Which of the following statements is the best description of a Nash equilibrium?
A) An outcome where each player's best strategy is to maintain its present behaviour given the present behaviour of the other players.
B) An equilibrium outcome that is achieved by collusion,and no party has an incentive to change their behaviour.
C) An outcome that is achieved when players in the game have jointly maximized profits and divided those profits according to market share of each player.
D) An equilibrium outcome achieved by cooperation between players in the game.
E) An outcome where each player's strategy depends on the behaviour of its opponents.
Correct Answer:
Verified
Q56: Q72: Suppose the market for gasoline retailing (gas Q73: With regard to the long- run equilibrium Q74: Consider an industry that is monopolistically competitive.In Q75: A characteristic common to most imperfectly competitive Q76: Consider the three largest cell- phone service Q78: Suppose there are many independent dry cleaners Q79: In an oligopolistic industry,which of the following Q80: Compared with perfect competition,monopolistic competition results in Q82: The theory of oligopoly suggests that![]()
A)a
A)the tendency
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