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

question 75

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 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:

Optimists

Individuals who generally expect positive outcomes and focus on the most hopeful aspects of situations.

Obtain Similar Goals

The process of aiming for and achieving objectives that closely match or align with one's desires or aspirations.

Energizing Emotions

Emotions that motivate or drive an individual towards action, often associated with positive feelings like enthusiasm or excitement.

Extraversion

A personality trait characterized by outgoingness, sociability, and a high level of activity; individuals high in extraversion tend to seek stimulation and the company of others.