In a game, two or more decision takers know that their decisions are :
Strategically interdependent
Game theory studies situations in which the outcome for each decision maker depends not only on his own choice but also on the choices of the others. Each player therefore has to anticipate how rivals will act and react before deciding on a strategy.
This mutual dependence of pay-offs on everyone's choices is called strategic interdependence. It is the defining feature of a game, whether it is the prisoners' dilemma, a duopoly price war or an oligopoly bargaining problem, and it is why equilibrium concepts such as the Nash equilibrium are built on each player's best response to the others.
Calling the decisions simply dependant does not capture the two-way, strategic nature of the link. Independent decisions are the opposite of a game situation; under perfect competition or monopoly a firm can ignore rivals' reactions. Mutually inclusive is a term from probability for events that can occur together and does not describe strategic choice.
Strategically interdependent option is correct.
Arrange the following in descending order according to the extent of expenditure of Union Government in Budget 2023-24.
(i) Central Sector Schemes
(ii) Interest Payments
(iii) States' share of taxes and duties
(iv) Centrally sponsored schemes
What is the point elasticity when price is 12 rupees for the demand function P = 60 – 3q.
Match the following:
| List I | List II |
|---|---|
| (a) 12th Finance Commission | (i) Dr. Vijay Kelkar |
| (b) 13th Finance Commission | (ii) Dr. C. Rangarajan |
| (c) 14th Finance Commission | (iii) N. K. Singh |
| (d) 15th Finance Commission | (iv) Y. V. Reddy |
Codes : (a) (b) (c) (d)
Why does a firm under perfect competition continue to operate in the long run despite earning only normal/zero profits ?
When the Total Product (TP) is maximum, the Average Product (AP) is _____ and the Marginal Product (MP) is _____ .
What is the short run supply curve of a firm in a perfectly competitive market ?
According to Bergson-Samuelson social welfare function approach, social welfare is maximized when _____ .
In Chamberlin’s alternative approach, why does the excess capacity of a monopolistically competitive firm emerge ?
Which of the following term is more important in welfare economics and in designing government policy ?
To maintain price leadership, a dominant firm must ensure that _____ .
.................... is a client server application that identifies each host on the internet with a unique user-friendly name.
Every OS has a ................ or .......... which primarily resides in the main memory of the computer to perform some of the basic functions of the OS.
(i) Kernel
(ii) Interface
(iii) Nucleus
(iv) Compiler
Codes:
Which of the following are referred to as low level language?
(i) Machine language
(ii) Assembly language
(iii) High level language
(iv) Natural language
Codes:
Match the following:
| List I | List II |
| (a) New York Public Library | (i) Shelv AR |
| (b) Miami University Augmented Research Group | (ii) Smart library |
| (c) Oula University Library | (iii) Wolf Walk |
| (d) North Carolina State University | (iv) Find the future |
Codes:
Which part of the QR code represents the encoded data?