Use the Following to Answer Questions: Table: Russia, Saudi Payoff

question 207

Multiple Choice

Use the following to answer questions: Table: Russia, Saudi Payoff Table
Suppose that the oil market is dominated by two large firms, Saudi Arabia and Russia. Both Saudi Arabia and Russia have two choices or strategies: cooperate by cutting back production or cheat by increasing production. The payoff table below shows the potential revenues associated with each firm's strategies. For instance, if Saudi Arabia cheats and Russia cooperates, the payoff to Saudi Arabia is $1,000 and the payoff to Russia is $400. $$\begin{array} { | l | l | c | c | } \hline & & \text { Russia's Strategies } & { \text { Cheat } } \\\hline & & \text { Cooperate } & ( \$ 400 , \$ 1,000 ) \\\hline \text { Saudi Arabia's } & \text { Cooperate } & ( \$ 800 , \$ 800 ) & ( \$ 600 , \$ 600 ) \\\hline \text { Strategies } & \text { Cheat } & ( \$ 1,000 , \$ 400 ) & ( \$ 5 ) \\\hline\end{array}$$
-(Table: Russia, Saudi Payoff Table) Refer to the table. The dominant strategies are to:

• A) cheat, for both Russia and Saudi Arabia.
• B) cooperate, for both Russia and Saudi Arabia.
• C) cheat for Russia and to cooperate for Saudi Arabia.
• D) cooperate for Russia and to cheat for Saudi Arabia.

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