# Identify the definition for each term from the following list. 1. Payoff-matrix format. 2. Game-tree format. 3. A junction on a game tree. 4. One of the final outcomes of a game tree. 5. Divides the overall game tree into nested subgames before working backward from right to left. 6. A mini-game within the overall game. 7. The process of backward induction that relies on both firms having perfect information about the decisions made in each subgame.

1 answer

###### Question:

Identify the definition for each term from the following list. 1. Payoff-matrix format. 2. Game-tree format. 3. A junction on a game tree. 4. One of the final outcomes of a game tree. 5. Divides the overall game tree into nested subgames before working backward from right to left. 6. A mini-game within the overall game. 7. The process of backward induction that relies on both firms having perfect information about the decisions made in each subgame.

## Answers

Answer:1. Payoff matrix : Strategic form2. Game tree format : Extensive form3. A junction on a game tree : Decision nodes4. One of the final outcomes of a game tree : Terminal nodes5. Divides the overall game tree into nested subgames before working backward from right to left : Backward induction6. A mini-game within the overall game : Subgame7. The process of backward induction that relies on both firms having perfect information about the decisions made in each subgame : Nash equilibrium.Explanation:Payoff matrix is the technique for decision making where goals are dependent on interaction with others. Nash equilibrium is a strategy in which every firm tries to choose best possible outcome keeping in view the decisions of other firms.

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