What does a payoff matrix illustrate?
A) A tit-for-tat strategy in repeated games.
B) The possible outcomes of various strategies in game theory.
C) The most efficient production level in noncooperative games.
D) The optimal profit maximization strategy in Nash equilibrium.

Question

Quizplus · Accepted Answer

A payoff matrix illustrates the possible outcomes of various strategies in game theory, showing the payoff or benefit to each player for each possible combination of actions they can take.

What Does a Payoff Matrix Illustrate