Which of the following statements is correct?
Understand the Problem
The question is asking to identify the correct statement regarding strategic interactions within game theory, focusing on concepts such as best responses, dominant strategies, and social interactions.
Answer
A dominant strategy is the highest payoff, irrespective of others.
The correct statement is: 'A dominant strategy is the strategy that gives the player the highest payoff, irrespective of the strategies selected by other players.'
Answer for screen readers
The correct statement is: 'A dominant strategy is the strategy that gives the player the highest payoff, irrespective of the strategies selected by other players.'
More Information
In game theory, a dominant strategy is indeed one that results in the highest payoff for a player, no matter what the others do.
Tips
Confusing 'best response' with 'dominant strategy' is common; remember that a dominant strategy is best regardless of others' actions.
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