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Questions and Answers
What is the defining characteristic of a situation falling under game theory?
What is the defining characteristic of a situation falling under game theory?
- It has an outcome dependent on the actions of multiple players (correct)
- It involves complex mathematical equations
- It is primarily focused on individual decision-making
- It always results in a win-win situation
In game theory, what does 'payoff' refer to?
In game theory, what does 'payoff' refer to?
- The final result of the game
- The strategies chosen by the players
- The cost of participating in the game
- The consequences of the players' actions (correct)
Why is game theory considered relevant in various fields like economics, biology, and politics?
Why is game theory considered relevant in various fields like economics, biology, and politics?
- It relies solely on empirical evidence
- It helps in understanding strategic interactions and decision-making (correct)
- It provides a clear solution in all scenarios
- It eliminates the element of randomness in outcomes
What is the primary focus of game theory?
What is the primary focus of game theory?
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