Use the Table Below to Answer the Following Question

question 3

Multiple Choice

Use the table below to answer the following question.
Table 15.3.1

-Consider the game shown in Table 15.3.1 based on potential gas prices between two competitors. The game is played repeatedly and the result is a cooperative equilibrium. The payoffs in the table show the economic profit of the firms. The most likely outcome is

• A)a cycle of first $0.95/litre, then $1.15/litre, etc.
• B)Hare sets her prices at $1.15/litre, and Turtle sets his at $0.95/litre.
• C)Hare sets her prices at $0.95/litre, and Turtle sets his at $1.15/litre.
• D)both set their prices at $1.15/litre.
• E)both set their prices at $0.95/litre.

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