Figure: Payoff Matrix for the United States and the European

question 206

Multiple Choice

Figure: Payoff Matrix for the United States and the European Union (Figure: Payoff Matrix for the United States and the European Union) Look at the figure Payoff Matrix for the United States and the European Union.Suppose that the United States and the European Union both produce corn, and each region can make more profit if output is limited and the price of corn is high.If either regions increase their output of corn, the profits of both are affected as shown in the payoff matrix.The Nash equilibrium combination is for:

• A)both the United States and the European Union to produce a high output.
• B)the United States to produce a high output and the European Union to produce a low output.
• C)both the United States and the European Union to produce a low output.
• D)the European Union to produce a high output and the United States to produce a low output.

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