The Following Payoff Matrix Represents a Simultaneous-Move Game Between Two

question 138

Multiple Choice

The following payoff matrix represents a simultaneous-move game between two players: Alec and Ben. Each player has to choices: Red and Yellow. The first number in each cell is the payoff to Alec, and the second number is the payoff to Ben.

-Refer to the table above.Which statement is true?

• A) Alec and Ben both have a dominant strategy in this game.
• B) Only Alec has a dominant strategy in this game.
• C) Only Ben has a dominant strategy in this game.
• D) Neither Alec nor Ben have a dominant strategy in this game.

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Definitions:

Labor

The human effort, whether physical or mental, used in the production of goods and services.

Grape Cultivation

The agricultural practice of growing and harvesting grapes, typically for the purpose of wine production, eating as fruit, or making other grape-derived products.

Labor Demand

The total amount of workers that employers are willing and able to employ at a given wage rate in a given time period.

Labor Market

The marketplace where employers find workers and workers find jobs, characterized by the supply and demand for labor.