Table 17-12
Suppose That Angelina and Brad Own the Only

question 136

Essay

Table 17-12
Suppose that Angelina and Brad own the only two professional photography stores in town. Each must choose between a low price and a high price for senior photo packages. The annual economic profit from each strategy is indicated in the table below:
Angelina
Low price High price
$\begin{array}{c}\begin{array}{|l}\hline\\\text { Brad }\\\\\\\hline\end{array}\begin{array} { | l | l | l | } \hline \text { Low price } & \begin{array} { l } \text { Angelina's profit } = \$ 20,000 \\\text { Brad's profit } = \$ 20,000\end{array} & \begin{array} { l } \text { Angelina's profit } = \$ 4,000 \\\text { Brad's profit } = \$ 23,000\end{array} \\\hline { \text { High price } } & \text { Angelina's profit } = \$ 25,000 & \text { Angelina's pro fit } = \$ 22,000 \\& \text { Brad's profit } = \$ 5,000 & \text { Brad's profit } = \$ 22,000 \\\hline\end{array}\end{array}$
-Refer to Table 17-12. Does Angelina have a dominant strategy? If so, describe it.

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Definitions:

Communist Party

A political party that advocates for the principles of communism, aiming for a classless society and the ownership of the means of production by the community as a whole.

Bolsheviks

A faction of the Russian socialist movement that led the October Revolution in 1917, establishing the Soviet government.

Mensheviks

A faction within the Russian socialist movement that emerged from the Russian Social Democratic Labour Party, opposing the Bolsheviks and favoring a democratic approach to socialism.