Table 14-5 Martin and Lewis Each Run One of the Two Bingo

question 42

Multiple Choice

Table 14-5

Martin and Lewis each run one of the two bingo parlors in Schenectady. Both consider offering free rides to and from the parlors. Table 14-5 shows the payoff matrix containing the expected weekly profits for each bingo parlor.
-Refer to Table 14-5.Does Lewis have a dominant strategy? If yes, what is it?

• A)Yes, Lewis's dominant strategy is to not offer free rides.
• B)Yes, Lewis's dominant strategy is to offer free rides.
• C)No, Lewis does not have a dominant strategy-his best outcome depends on what Martin does.
• D)Yes, Lewis's dominant strategy is to wait and see what Martin does first.

---

Definitions:

American Express

A multinational financial services corporation known for its credit card, charge card, and traveler's cheque businesses.

Competitive Marketplace

An economic concept where multiple businesses offer similar products or services, vying for customer attention and market share.

External Environment

The outside factors or influences that impact the operations and success of an organization, including economic, social, and political conditions.

Joint Venture

A business arrangement in which two or more parties agree to pool their resources for the purpose of accomplishing a specific task or project.