Table 17-19 Consider a Small Town That Has Two Grocery Stores from Stores

question 91

Multiple Choice

Table 17-19
Consider a small town that has two grocery stores from which residents can choose to buy a gallon of milk. The store owners each must make a decision to set a high milk price or a low milk price. The payoff table, showing profit per week, is provided below. The profit in each cell is shown as (Store 1, Store 2) .

-Refer to Table 17-19.If grocery store 1 sets a high price,what price should grocery store 2 set? And what will grocery store 2's payoff equal?

• A) Low price, $800
• B) High price, $100
• C) Low price, $500
• D) High price, $650

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Definitions:

Sign Stimuli

Specific features or cues in an organism's environment that trigger a fixed action pattern or innate response.

Behavior

The way in which one acts or conducts oneself, especially towards others.

Stickleback

A small fish species known for its complex social behaviors and as a model organism in studies of animal behavior and evolution.

Reaction Chain

A sequence of actions triggered by stimuli, where each response serves as a cue for the next action in the sequence.