Table 16-19 Brian and Matt Own the Only Two Bicycle Repair Shops

question 71

Multiple Choice

Table 16-19
Brian and Matt own the only two bicycle repair shops in town. Each must choose between a low price for repair work and a high price. The annual economic profit from each strategy is indicated in the table. The profits are shown as (Matt, Brian) in each cell.

-Refer to Table 16-19.Which of the following statements is correct?

• A)Matt's dominant strategy is to charge a low price.
• B)Brian's dominant strategy is to charge a high price.
• C)The dominant strategy for both Brian and Matt is to charge a low price.
• D)Matt's dominant strategy is to charge a high price.

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Definitions:

Compensation Expense

The total amount of monetary and non-monetary pay provided to employees, including wages, salaries, bonuses, and benefits, recorded as an expense for the company.

Analytics

The systematic computational analysis of data or statistics to make informed decisions.

Performance Metric

A performance metric is a standard of measurement used to evaluate the effectiveness, efficiency, and quality of a job, process, or employee's work.

Response Time Efficiency

The measure of how quickly and effectively a system or organization can respond to a given request or need.