Table 16-16 Consider a Small Town That Has Two Grocery Stores from Stores

question 263

Multiple Choice

Table 16-16
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 16-16.If grocery store 2 sets a high price,what price should grocery store 1 set? And what will grocery store 1's payoff equal?

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

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