The Table Given Below Shows the Payoffs to Firm a and Firm

question 17

Multiple Choice

The table given below shows the payoffs to Firm A and Firm B if they choose to produce either high output or low output.In each cell,the figure on the left indicates Firm A's payoffs and the figure on the right indicates Firm B's payoffs.

Refer to the payoff matrix in Table 14-1 and identify the Nash equilibrium.

• A)Both firms produce low output
• B)Both firms produce high output
• C)Firm A produces low output and Firm B produces high output
• D)Firm A produces high output and Firm B produces low output

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Definitions:

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