Strategy profile means:

A set of strategies for all players

Dominant strategy exists when:

It’s best regardless of rivals’ moves

Optimal reply to another’s move

Which is true in a zero-sum game?

Gains of one equal losses of another

In Game Theory, a 'payoff' refers to:

The outcome/result a player receives

Players’ payoffs depend on:

Both their and rivals' strategies

Rationality in Game Theory assumes:

Players maximize expected payoff

A minimax strategy aims to:

Minimize the maximum possible loss

A 'pure strategy' means:

Choosing one action with certainty

A Nash equilibrium occurs when:

No player wants to change strategy

What is a dominant strategy?

A strategy better than others always

Game Theory is primarily concerned with:

Strategic interactions among players

A maximin strategy seeks to:

Maximize the minimum possible payoff

What is a 'mixed strategy'?

Choosing between actions randomly

A payoff matrix shows:

Possible outcomes for each strategy

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S01T01 ME p05

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game theory 01

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Questions 30

Answers

1
Strategy profile means:
A game repeated infinitely
A single strategy for one player
A set of strategies for all players
Outcome from sequential moves
2
Which is NOT a type of strategy?
Constant payoff strategy
Mixed strategy
Cooperative strategy
Pure strategy
3
In a simultaneous-move game:
Players move one after another
Game is repeated indefinitely
Players avoid each other
Players move at the same time
4
Dominant strategy exists when:
It’s best regardless of rivals’ moves
It’s only good if rival cooperates
It varies by turn
It doesn’t affect outcome
5
In a constant-sum game:
Game repeats indefinitely
Total payoff remains unchanged
No equilibrium possible
Only one strategy possible
6
Best response means:
Choosing randomly
No strategy selected
Ignoring others’ moves
Optimal reply to another’s move
7
Which one is an example of a cooperative game?
Firms forming a cartel
Students taking a test
Consumers switching brands
Firms competing in price
8
Which is true in a zero-sum game?
There’s no dominant strategy
Both players win
Gains of one equal losses of another
All outcomes are positive
9
In Game Theory, a 'payoff' refers to:
The strategy chosen by a player
The total market demand
The outcome/result a player receives
The cost incurred by a player
10
An example of a non-zero-sum game is:
Chess
Poker
Prisoner’s Dilemma
Arm-wrestling
11
Players’ payoffs depend on:
Only the initial move
Both their and rivals' strategies
Market size
Their own strategies only
12
Which is NOT a feature of Game Theory?
Monopoly pricing
Payoff matrix
Rational players
Strategy profiles
13
Rationality in Game Theory assumes:
Players prefer losses
Players maximize expected payoff
Players avoid others
Players act randomly
14
In a non-cooperative game:
Players form coalitions
No communication among players
Players share payoffs
All players always cooperate
15
A minimax strategy aims to:
Always cooperate
Maximize the opponent’s payoff
Minimize the maximum possible loss
Choose a random move
16
In a one-shot game:
Infinite payoffs possible
Only one round of decisions
Players make moves repeatedly
All outcomes are equal
17
The outcome where no player can improve by changing only their strategy is:
Nash Equilibrium
Dominant Strategy Equilibrium
Pure Strategy Outcome
Payoff Maximization
18
Which of these is a simultaneous-move game example?
Rock-Paper-Scissors
Elections
Tennis
Chess
19
An extensive form game is represented using:
A payoff matrix
Market graphs
A utility function
A decision tree
20
A 'pure strategy' means:
Switching moves based on others’ actions
Choosing one action with certainty
Random selection of moves
Avoiding any strategy
21
A Nash equilibrium occurs when:
No player wants to change strategy
All players choose same strategy
One player dominates others
Payoffs are maximized for all
22
What is a dominant strategy?
A strategy better than others always
A strategy chosen at random
A cooperative market strategy
A strategy only good if rival picks it
23
A zero-sum game means:
All outcomes are negative
Strategy doesn’t affect outcome
No player can win
Gains and losses are equal
24
Game Theory is primarily concerned with:
Price fixing by firms
Individual decision-making only
Laws of supply and demand
Strategic interactions among players
25
A maximin strategy seeks to:
Maximize the minimum possible payoff
Randomize moves
Minimize opponent’s gain
Avoid the dominant strategy
26
Which describes sequential games?
No moves made
Both move randomly
One moves after another
Players move together
27
In a Prisoner's Dilemma, both players tend to:
Cooperate
Choose random strategies
Defect
Wait for each other’s move
28
What is a 'mixed strategy'?
Choosing between actions randomly
Allowing opponent to decide move
Ignoring game rules
Playing the same move repeatedly
29
A strategy strictly dominated by another should be:
Chosen
Ignored
Randomized
Always optimal
30
A payoff matrix shows:
Market demand
Laws of equilibrium
Possible outcomes for each strategy
Government regulation

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