The Following Payoff Matrix Depicts the Possible Outcomes for Two

question 52

Multiple Choice

The following payoff matrix depicts the possible outcomes for two players involved in a game of volleyball.At this point in the game,the ball has just been hit to Deidra,and she chooses whether to hit right or hit left.At the same time,Ashley chooses whether to jump right (Deidra's right) or jump left (Deidra's left) .If a player receives a payoff of 1,the player wins the point; if the player receives a payoff of -1,the player loses the point.Use this information to answer the following questions:

-If Deidra hits left and Ashley jumps right,Ashley receives a payoff of ________ and Deidra receives a payoff of ________.

• A) -1; 1
• B) -1; -1
• C) 1; -1
• D) 0; 0

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Definitions:

Long-run Equilibrium

A state in which all factors of production and costs are variable, allowing firms in a perfectly competitive market to make zero economic profit, balancing supply and demand.

Maximum Profits

The highest possible financial gain that a business can achieve in a given period, optimizing revenue while minimizing costs.

Long-run Equilibrium

A state in which supply equals demand and all factors of production and markets are in balance, typically considered in the context of perfect competition.

Purely Competitive

A market scenario where products are identical, leading to numerous sellers and buyers where no single entity can influence market prices.