Use the Following to Answer Questions

question 81

Multiple Choice

Use the following to answer questions :
Scenario: Payoff Matrix for Firms X and Y
The following payoff matrix depicts the profits for the only two firms in this oligopolistic industry.
-(Scenario: Payoff Matrix for Firms X and Y) Payoff Matrix for Firms X and Y.If firm X and firm Y wish to maximize joint profits:

• A) each firm should choose its dominant strategy.
• B) firm Y should choose a dominant strategy and firm X should choose a nondominant strategy.
• C) each should consider its specific situation before choosing a strategy since strategies also entail costs.
• D) each should choose a nondominant strategy.

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Definitions:

Ineffective

Describes actions or methods that do not produce the intended result or fail to achieve objectives.

Respond

To provide an answer or reply to a question or situation.

Positional Power

The power held by an individual due to their status or position within a structure or organization.

Relational Benefits

Relational benefits refer to the advantages gained from establishing and maintaining long-term relationships with others, often in a business or interpersonal context.