A set of strategies for all players where no player can improve their outcome by changing their strategy.

A set of strategies for all players where all players have the same outcome.

A set of strategies for all players where the outcome is Pareto efficient.

A set of strategies for all players where the outcome is socially optimal.

A game of chess

A game of Monopoly

A game of Prisoner's Dilemma

A game of Chicken

A dominant strategy is a strategy that is always the best choice for a player, regardless of the strategies of the other players, while a Nash equilibrium is a set of strategies where no player can improve their outcome by changing their strategy.

A dominant strategy is a strategy that is always the best choice for a player, regardless of the strategies of the other players, while a Nash equilibrium is a set of strategies where all players have the same outcome.

A dominant strategy is a strategy that is always the best choice for a player, regardless of the strategies of the other players, while a Nash equilibrium is a set of strategies where the outcome is Pareto efficient.

A dominant strategy is a strategy that is always the best choice for a player, regardless of the strategies of the other players, while a Nash equilibrium is a set of strategies where the outcome is socially optimal.

A theorem that states that in the absence of transaction costs, the allocation of resources will be efficient, regardless of the initial allocation of property rights.

A theorem that states that in the presence of transaction costs, the allocation of resources will be efficient if property rights are assigned to the party who values them the most.

A theorem that states that in the presence of transaction costs, the allocation of resources will be efficient if property rights are assigned to the party who can use them most efficiently.

A theorem that states that in the presence of transaction costs, the allocation of resources will be efficient if property rights are assigned to the party who is willing to pay the most for them.

A situation where a shared resource is overused because individuals acting in their own self-interest do not take into account the negative externalities of their actions on others.

A situation where a shared resource is underused because individuals acting in their own self-interest do not take into account the positive externalities of their actions on others.

A situation where a shared resource is used efficiently because individuals acting in their own self-interest take into account the negative and positive externalities of their actions on others.

A situation where a shared resource is used inefficiently because individuals acting in their own self-interest do not take into account the negative and positive externalities of their actions on others.

A public good is non-rivalrous and non-excludable, while a private good is rivalrous and excludable.

A public good is rivalrous and non-excludable, while a private good is non-rivalrous and excludable.

A public good is rivalrous and excludable, while a private good is non-rivalrous and non-excludable.

A public good is non-rivalrous and excludable, while a private good is rivalrous and non-excludable.

A game theory model where two players, each having two possible strategies, are in a situation where each player's best strategy is to betray the other player, even though both players would be better off if they both cooperated.

A game theory model where two players, each having two possible strategies, are in a situation where each player's best strategy is to cooperate with the other player, even though both players would be better off if they both betrayed the other player.

A game theory model where two players, each having two possible strategies, are in a situation where each player's best strategy is to cooperate with the other player, and both players are better off if they both cooperate.

A game theory model where two players, each having two possible strategies, are in a situation where each player's best strategy is to betray the other player, and both players are better off if they both betray the other player.

A positive externality is a benefit that one person receives from the actions of another person, while a negative externality is a cost that one person incurs from the actions of another person.

A positive externality is a cost that one person incurs from the actions of another person, while a negative externality is a benefit that one person receives from the actions of another person.

A positive externality is a benefit that one person receives from the actions of another person, while a negative externality is a benefit that one person receives from the actions of another person.

A positive externality is a cost that one person incurs from the actions of another person, while a negative externality is a cost that one person incurs from the actions of another person.

A monopoly is a market structure where there is only one seller, while perfect competition is a market structure where there are many buyers and sellers.

A monopoly is a market structure where there are many buyers and sellers, while perfect competition is a market structure where there is only one seller.

A monopoly is a market structure where there are many buyers and sellers, while perfect competition is a market structure where there are many buyers and sellers.

A monopoly is a market structure where there is only one seller, while perfect competition is a market structure where there is only one seller.

A cartel is a group of producers who agree to cooperate with each other in order to control the market, while an oligopoly is a market structure where there are a few large sellers.

A cartel is a group of producers who agree to compete with each other in order to control the market, while an oligopoly is a market structure where there are a few large sellers.

A cartel is a group of producers who agree to cooperate with each other in order to control the market, while an oligopoly is a market structure where there are many small sellers.

A cartel is a group of producers who agree to compete with each other in order to control the market, while an oligopoly is a market structure where there are many small sellers.

A dominant strategy is a strategy that is always the best choice for a player, regardless of the strategies of the other players, while a mixed strategy is a strategy where a player randomly chooses between two or more pure strategies.

A dominant strategy is a strategy where a player randomly chooses between two or more pure strategies, while a mixed strategy is a strategy that is always the best choice for a player, regardless of the strategies of the other players.

A dominant strategy is a strategy that is always the best choice for a player, regardless of the strategies of the other players, while a mixed strategy is a strategy where a player chooses a pure strategy that is not the best choice for them.

A dominant strategy is a strategy where a player chooses a pure strategy that is not the best choice for them, while a mixed strategy is a strategy that is always the best choice for a player, regardless of the strategies of the other players.

A pure strategy is a strategy where a player chooses a single action, while a mixed strategy is a strategy where a player randomly chooses between two or more actions.

A pure strategy is a strategy where a player randomly chooses between two or more actions, while a mixed strategy is a strategy where a player chooses a single action.

A pure strategy is a strategy where a player chooses a single action that is not the best choice for them, while a mixed strategy is a strategy where a player randomly chooses between two or more actions.

A pure strategy is a strategy where a player chooses a single action that is the best choice for them, while a mixed strategy is a strategy where a player randomly chooses between two or more actions.

A Nash equilibrium is a set of strategies for all players where no player can improve their outcome by changing their strategy, given the strategies of the other players, while a Pareto efficient outcome is an outcome where it is impossible to make one player better off without making another player worse off.

A Nash equilibrium is an outcome where it is impossible to make one player better off without making another player worse off, while a Pareto efficient outcome is a set of strategies for all players where no player can improve their outcome by changing their strategy, given the strategies of the other players.

A Nash equilibrium is a set of strategies for all players where no player can improve their outcome by changing their strategy, given the strategies of the other players, while a Pareto efficient outcome is an outcome where it is possible to make one player better off without making another player worse off.

A Nash equilibrium is an outcome where it is possible to make one player better off without making another player worse off, while a Pareto efficient outcome is a set of strategies for all players where no player can improve their outcome by changing their strategy, given the strategies of the other players.

A cooperative game is a game where the players can communicate with each other and make binding agreements, while a non-cooperative game is a game where the players cannot communicate with each other or make binding agreements.

A cooperative game is a game where the players cannot communicate with each other or make binding agreements, while a non-cooperative game is a game where the players can communicate with each other and make binding agreements.

A cooperative game is a game where the players can communicate with each other but cannot make binding agreements, while a non-cooperative game is a game where the players cannot communicate with each other but can make binding agreements.

A cooperative game is a game where the players cannot communicate with each other but can make binding agreements, while a non-cooperative game is a game where the players can communicate with each other but cannot make binding agreements.