Suppose Jordan and Lee Are Trying to Decide What to Do

question 104

Multiple Choice

Suppose Jordan and Lee are trying to decide what to do on a Friday.Jordan would prefer to see a comedy while Lee would prefer to see a documentary.One documentary and one comedy are showing at the local cinema.The benefit they receive from seeing the films either together or separately are shown in the payoff matrix.Both Jordan and Lee know the information contained in the payoff matrix.They purchase their tickets simultaneously,ignorant of the other's choice. $\begin{array}{c}\quad \quad \quad \quad \quad \quad\quad\quad\quad\quad\quad \quad \text { Jordan } \\\text {Lee } \begin{array}{|l|l|l|}\hline &{\text { Comedy }} & {\text { Documentary }} \\\hline \text { Comedy } & \text { Lee: } 3 & \text { Lee: } 1 \\\text { Jordan: } 5 & \text { Jordan: } 1 \\\hline \text { Documentary } & \text { Lee } 2 & \text { Lee: } 5 \\& \text { Jordan: } 2 & \text { Jordan } 3 \\\hline\end{array}\end{array}$
Refer to the figure above.Lee has:

• A)no dominant strategy.
• B)a dominant strategy of seeing a comedy.
• C)a dominant strategy of seeing a documentary.
• D)two dominant strategies,depending on Jordan's choice.

Identify the legal requirements for the validity of electronic and online contracts.

Recognize the principles governing the interpretation of contract terms and resolution of disputes.

Distinguish between true offers and invitations to trade.

Understand the legal implications of advertisements and auction processes.