(Table) Referring to the Payoff Matrix for Norm and Pete

question 3

Multiple Choice

(Table) Referring to the payoff matrix for Norm and Pete (with Norm's profit in plain text and Pete's profit in italics) , what is the MOST likely outcome of this noncooperative game?
$\begin{array}{c} \quad \quad \quad \quad \quad \quad \quad \text { Pete's Pasta Dinners } \\\begin{array}{|l|l|ll|ll|}\hline & & {\text { High Price }} & &{\text { Price }} \\\hline \text {Norm's Noodle Bowls } & \text { High Price } & \$ 4,000 & \$ 4,500 & \$ 700 & \$ 3,500 \\\hline &\text { Low Price } & \$ 2,800 & \$ 500 & \$ 3,000 & \$ 3,700 \\\hline\end{array}\end{array}$

• A) Both charge a high price.
• B) Both charge a low price.
• C) Norm charges a high price and Pete charges a low price.
• D) Pete charges a high price and Norm charges a low price.

---

Definitions:

Sustainable Business

Sustainable business practices are those that meet the needs of the present without compromising the ability of future generations to meet their own needs, focusing on environmental, social, and governance criteria.

Profit Maximization

The process or strategy aimed at increasing a business's profits to the highest possible level.

Human Sustainability

An approach focusing on the long-term welfare and development of people within society, often emphasizing health, education, employment, and fair treatment.

Health Insurance

A type of insurance coverage that pays for medical and surgical expenses incurred by the insured, often including preventive care, prescriptions, and emergencies.