Use the Following to Answer Questions: Table: Ozzie's, Manny's Payoff

question 31

Multiple Choice

Use the following to answer questions: Table: Ozzie's, Manny's Payoff Table $$\begin{array} { | l | l | c | c | } \hline & & \begin{array} { c } \text { Ozzie's Cement } \\\text { (profit in 1,000s) }\end{array} &{ } \\\hline & & \text { Low Price } & \text { High Price } \\\hline \text { Manny's Cement } & \text { Low Price } & \$ 60 , \$ 60 & \$ 130 , \$ 20 \\\hline \text { (profit in 1,000s) } & \text { High Price } & \$ 20 , \$ 130 & \$ 80 , \$ 80 \\\hline\end{array}$$
-(Table: Ozzie's, Manny's Payoff Table) Refer to the table. Which of the following statements is TRUE?

• A) Manny and Ozzie do not have dominant strategies.
• B) Manny's dominant strategy is low price, and Ozzie's dominant strategy is high price.
• C) Manny's dominant strategy is high price, and Ozzie's dominant strategy is high price.
• D) Manny's dominant strategy is low price, and Ozzie's dominant strategy is low price.

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Definitions:

Operant Conditioning

A method of learning that employs rewards and punishments for behavior, encouraging the reinforcement of desired behaviors and the discontinuation of undesired ones.

B.F. Skinner

An American psychologist known for his work in behaviorism and the development of the theory of operant conditioning.

Law of Effect

A principle in psychology that states behaviors followed by positive outcomes are likely to be repeated, while those followed by negative outcomes are not.

Organisational Behaviour Modification Strategy

A systematic approach to changing behavior within an organization using principles of behavior analysis and reinforcement.