TABLE 11- 3 the Payoff Matrix Below Shows the Payoffs

question 41

Multiple Choice

TABLE 11- 3 The payoff matrix below shows the payoffs to Firms A and B from producing different levels of output.The numbers in parentheses are (payoff to A,payoff to B) .
$\begin{array}{c}&\text { Firm B }\\\text { Firm A }&\begin{array}{l|c|c} & \begin{array}{c}\text { Produce } \\\text { 1000 Units }\end{array} & \begin{array}{c}\text { Produce } \\\text { 2000 Units }\end{array} \\\hline \text { Produce } & & \\\text { 1000 Units } & (100,100) & (10,150) \\\text { Produce } & & \\\text { 2000 Units } & (150,10) & (30,30) \end{array}\end{array}$
-Consider the following characteristics of a particular industry: - there are natural barriers to entry
- market price exceeds marginal cost of production
- there is no strategic behaviour in the industry This industry is likely to be

• A)one where each firm has limited market power.
• B)an oligopoly.
• C)monopolistically competitive.
• D)perfectly competitive.
• E)a monopoly.

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Definitions:

Retroactive Interference

The interference of new learning with the ability to retrieve material learned previously.

Prospective Memory

The element of memory responsible for recalling intended actions or future intentions that were planned to be remembered at a later date.

Chunking

A cognitive strategy for improving memory by organizing information into manageable and meaningful groups or units.

Saccadic Eye Movements

Rapid, jerky movements of the eyes used in scanning the environment, reading, or looking from one point to another.