If each player in a game has a strictly dominant strategy, then:Group of answer choicesthe Nash equilibrium is welfare-maximising.each player achieves a maximum payoff in equilibrium.the game has no equilibrium.there cannot be multiple equilibria.the game can only played once.

In a dominant strategy equilibrium: Group of answer choices The players adopt strategies that maximise the joint payoffs to all players in the game Each player adopts a strategy that maximises the payoffs to all of the other players in the game Players adopt strategies that minimise the payoffs of their rivals Every player plays their dominant strategy None of the above

In a Nash equilibriumGroup of answer choicesOne player only plays their best response to their rivals’ strategiesAll players play their best responses to their rivals’ strategiesEvery player always plays their dominant strategySurplus is always maximisedNone of the above

In game theory, the strategy that results in the highest payoff to a player regardless of what the other player decides to do is called the:Group of answer choicesStackleberg equilibrium.equilibrium strategy.min-max strategy.dominant strategy

For a player in a game, a dominant strategy isGroup of answer choicesAll of the other answers are correctthe strategy that maximises the joint payoff of players in the game.When all players adopt the same strategywhen a player adopts the same strategy, regardless as to the strategies of any other players in the gameNone of the other answers are correct

In game theory, a Nash equilibrium is defined as:Group of answer choicesthe dominant strategy of each player.a set of strategies for which all players are choosing their best strategy, given the actions of the other players.the set of strategies that result in the maximum payoff to each player.the set of strategies chosen when the players in a game can cooperate with each other.