Scenario: Payoff Matrix for Firms X and Y the Following

question 198

Multiple Choice

Scenario: Payoff Matrix for Firms X and Y The following payoff matrix depicts the profits for firms X and Y, which are trying to decide whether to choose a high or low price in their competitive strategy with each other.They are the only two firms in this oligopolistic industry.
(Scenario: Payoff Matrix for Firms X and Y) In the scenario Payoff Matrix for Firms X and Y, if firms such as firm X and firm Y wish to maximize joint profits, they should:

• A)each choose their dominant strategy.
• B)have one choose a dominant strategy and the other choose a nondominant strategy.
• C)consider their specific situation before choosing a strategy, since strategies also entail costs.
• D)each choose a nondominant strategy.

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