The Table Below Shows the Payoff (Profit) Matrix of Firm

question 97

Multiple Choice

The table below shows the payoff (profit) matrix of Firm A and Firm B indicating the profit outcome that corresponds to each firm's pricing strategy (where $500 and $200 are the pricing strategies of two firms) .Table 12.2

-A market failure occurs when:

• A)the market outcome is viewed as unfair by a majority of consumers.
• B)a market fails to provide the good at a zero price.
• C)quantity demanded exceeds quantity supplied.
• D)the market outcome is not the socially efficient outcome.
• E)prices are determined by the interaction of the forces of demand and supply and not through central planning.

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