-Figure 12

question 93

Multiple Choice

-Figure 12.2 shows the decision tree for setting price for the only two firms in a market.If both firms follow their dominant strategies

• A) both firms will set price high.
• B) both firms will set price low.
• C) only one firm will set price low.
• D) The firms' dominant strategies cannot be determined without more information.

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Definitions:

Evolutionary Mechanism

A process by which variations in the genetic material of organisms lead to differences in traits that can affect an organism's survival and reproduction.

Natural Selection

The mechanism where organisms that are more suited to their environment are more likely to survive and reproduce, playing a crucial role in evolution.

Gradualism

A theory in evolutionary biology that proposes changes occur slowly and gradually over long periods of time.

Modern Synthesis

Modern Synthesis is a scientific theory that combines Darwin's theory of natural selection with Mendelian genetics, serving as the foundation of contemporary evolutionary biology.