Give brief definitions of the following concepts. a. Game theory b. Cooperative equilibrium c. Noncooperative equilibrium d. Dominant strategy e. Nash equilibrium f. Price leadership

Game theory is a theoretical framework for comprehension of social situations among competing players. A cooperative equilibrium refers to the condition where decision-making leads to an optimal outcome for the whole group. A noncooperative equilibrium is when no cooperation exists due to the lack of enforceable mechanisms. Dominant strategy refers to the optimal action that results in the highest payoff for a player. Nash equilibrium defines the optimal solution in a non-cooperative game where each player has no incentive to change their chosen strategy after considering an opponent's choice. Price leadership is a scenario where one, usually the dominant company in the industry, sets prices for goods or services that other companies follow.