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

question 192

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.What is grocery store 2's dominant strategy?

• A)Grocery store 2 does not have a dominant strategy.
• B)Grocery store 2 should always set a low price.
• C)Grocery store 2 should always set a high price.
• D)Grocery store 2 should set a low price when grocery store 1 sets a low price, and grocery store 2 should set a high price when grocery store 1 sets a high price.

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Definitions:

Light-Dependent Reactions

Reactions of photosynthesis in which light energy absorbed by chlorophyll is used to synthesize ATP and usually NADPH. Include cyclic electron transport and noncyclic electron transport.

Photoautotrophs

Organisms that carry out photosynthesis to produce glucose and other organic compounds from carbon dioxide and water using light energy.

Land Plants

Plants that have adapted to live primarily on land, including a wide range of flora from grasses to trees.

Algae

An informal group of unicellular, or simple multicellular, photosynthetic protists that are important producers in aquatic ecosystems.