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

question 3

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

-The good for which neither the principle of mutual excludability nor the principle of rivalry applies is referred to as a:

• A)public good.
• B)commons good.
• C)club good.
• D)normal good.
• E)private good.

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Definitions:

Operant Conditioning

Operant Conditioning is a learning process through which the strength of a behavior is modified by reinforcement or punishment.

Reflexive Behaviour

Automatic, involuntary actions or responses to stimuli, that do not require conscious thought.

Operant Conditioning

The process of acquiring knowledge by which a behavior's level is modified using encouragement or deterrents.

Classical Conditioning

A learning process that occurs when two stimuli are repeatedly paired; a response that is initially elicited by the second stimulus is eventually evoked by the first stimulus alone.