Use the Following to Answer Questions

question 159

Multiple Choice

Use the following to answer questions:
Scenario: Payoff Matrix for Firms X and Y
The following payoff matrix depicts the profits for 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 firm Y were to choose its dominant strategy, it would:

• A) choose a low price.
• B) choose a high price.
• C) encounter a dilemma, since there are two dominant strategies.
• D) allow firm X to dominate the industry.

---

Definitions:

Ideological Beliefs

Strongly held systems of ideas and ideals, especially those that form the basis of economic or political theories and policies.

Metaphysical

Metaphysical pertains to the branch of philosophy that explores the nature of reality, including concepts such as existence, the universe, consciousness, and beyond.

Metaphysical

Pertaining to the philosophy or theory of reality that is beyond the physical or scientific understanding; dealing with the nature of existence and the universe.

Ideological Arguments

Debates or discussions driven by deeply held beliefs or values, often relating to politics, morality, or ethics.