Game Theory Concepts

Short Answer

Game Theory Concepts.
Indicate whether each of the following statements is true or false, and explain your answer.
A. The theory of games is used to study irrational behavior by individuals and firms in interactive decision problems.
B. In a game, only a single player strives to maximize expected utility by choosing particular courses of action.
C. Game theory is applied during situations in which decision makers must take into account the reasoning of other decision makers.
D. All economic and business games share the common feature of decision payoff independence.
E. In competitive games, the outcome for each firm depends upon the strategies conducted by all competitors.