Question Question1 The difference between game trees and decision trees is:

Question1

The difference between game trees and decision trees is:
Select one:
A. that game trees are not useful in strategic situations
B. that decision trees describe actions that depend on the behavior ofrivals
C. that game trees have interactive payoffs
D. that decision trees are a function of many individuals and the state ofnature
E. none of the above

Question2
If a firm has a dominant strategy:
Select one:
A. its optimal strategy depends on the play of rivals
B. its optimal strategy is always the same, even if payoffs change
C. it is determined by the behavior of only one key rival
D. it receives the same profits regardless of the strategy of rivals
E. its optimal strategy is independent of the play of rivals

Question3

A Nash equilibrium occurs when:
Select one:
A. each player has a dominant strategy
B. each player receives the same final payoff
C. each player believes it is doing the best it can given the behavior ofrivals
D. there is no dominant strategy for any player
E. payoffs are independent of the actions taken by rivals

Question4
If player 1 has a dominant strategy, then player 2:
Select one:
A. must also have a dominant strategy
B. may or may not have a dominant strategy, but will always lead to a Nashequilibrium
C. may or may not have a dominant strategy
D. will not be able to reach an optimal solution to the game
E. will block this dominant strategy and force player 1 to another strategy

Question5

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