Table 17-19 Consider a Small Town That Has Two Grocery Stores from Stores

question 428

Multiple Choice

Table 17-19
Consider a small town that has two grocery stores from which residents can choose to buy a loaf of bread. The store owners each must make a decision to set a high bread price or a low bread price. The payoff table, showing profit per week, is provided below. The profit in each cell is shown as (Store 1, Store 2) .
-Refer to Table 17-19. What is the Nash Equilibrium of this price-setting game?

• A)Grocery store 1: Low price Grocery store 2: Low price
• B)Grocery store 1: Low price Grocery store 2: High price
• C)Grocery store 1: High price Grocery store 2: How price
• D)Grocery store 1: High price Grocery store 2: High price

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