Use the Following Graph to Answer the Next Questions

question 49

Multiple Choice

Use the following graph to answer the next questions:

-If this is a trading open) economy, quantity demanded of cars in thousands) will be

• A) 20.
• B) 40.
• C) 60.
• D) 80.
• E) 100.

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Definitions:

Payoff Matrix

In game theory, a diagram that shows how the payoffs to each of the participants in a two-player game depend on the actions of both; a tool in analyzing interdependence.

Dominant Strategy

In game theory, an action that is a player’s best action regardless of the action taken by the other player.

Bottled Water

Water that is packaged in plastic or glass bottles and sold for personal consumption, often purified or spring water.

Game Theory

A field of mathematics that analyzes competitive situations where the outcome of a participant's choice of action depends on the actions of other participants.