Use the Following to Answer Questions

question 162

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 X and firm Y wish to maximize joint profits:

• A) each firm should choose its dominant strategy.
• B) Firm Y should choose a dominant strategy and Firm X, a nondominant strategy.
• C) each should consider its specific situation before choosing a strategy, since strategies also entail costs.
• D) each should choose a nondominant strategy.

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Definitions:

Ethnomethodological Research

A sociological method focusing on the ways in which individuals make sense of their world, convey this understanding to others, and produce a shared social order.

Sanctions

Refers to officially imposed penalties or rewards used to encourage compliance with laws, social norms, or regulations.

Conformity

is the act of aligning one's beliefs, attitudes, and behaviors with those of a group or societal norms.

Values

The abstract standards in a society or group that define ideal principles.