The Table Given Below Represents the Payoff Matrix of Firms

question 1

Multiple Choice

The table given below represents the payoff matrix of firms A and B,when they choose to produce low or high output.In each cell,the figure on the left indicates Firm B's payoffs and the figure on the right indicates Firm A's payoffs.
-The information in Table 14-2 implies that the game has:

• A)a Nash equilibrium and a dominant-strategy equilibrium.
• B)a Nash equilibrium but not a dominant-strategy equilibrium.
• C)no Nash equilibrium but has a dominant-strategy equilibrium.
• D)neither a Nash equilibrium nor a dominant-strategy equilibrium.

Comprehend how firms can maintain competitive advantage through cost leadership, differentiation, and innovation.

Understand the impact of supplier and buyer power on a firm’s strategic decisions.

Grasp the concept of barriers to entry and how they affect the competition in an industry.

Understand how market structure influences firm rivalry and profitability.

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