Use the Following to Answer Question

question 32

Multiple Choice

Use the following to answer question:
-(Table: Two Rival Gas Stations) Use Table: Two Rival Gas Stations.The table shows a payoff matrix for two gas stations in a small town.Each firm can set either a high price or a low price,and customers view these two firms as nearly perfect substitutes.Profits in each cell of the payoff matrix are given as (Swifty's profit,Speedy's profit) .Which statement describes a dominant strategy?

• A)Swifty will always set a low price,no matter Speedy's choice.
• B)Swifty will always set a high price,no matter Speedy's choice.
• C)Swifty will set a low price when Speedy sets a high price,but Swifty will set a high price when Speedy sets a low price.
• D)Swifty will set a high price when Speedy sets a high price,but Swifty will set a low price when Speedy sets a low price.

Analyze the effects of trade on producer and consumer surplus.

Recognize the role of tariffs and their impact on trade.

Identify how international trade affects the economic well-being of a country.

Understand the principles behind the gain and loss from international trade.

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Definitions:

Function

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The use of computational simulations and algorithms to understand the brain's structure and function, often used in neuroscience research and the development of artificial intelligence.