A table that shows the possible payoffs each firm earns from every combination of strategies by all firms is called
A) an earnings table.
B) a payoff table.
C) a payoff matrix.
D) a strategic matrix.
Answer: C
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In the above figure, the firm is incurring an economic loss at
A) point a. B) point c. C) points b and d. D) points a, b, and d.
If an employer calls an applicant's prior employer to inquire about their work ethic, this is an example of ________.
A) the principal-agent problem B) screening C) self-revelation D) certification
Who does not gain when a tariff is imposed?
a. domestic producers of the good. b. domestic workers in the protected industry. c. domestic consumers of the good. d. domestic suppliers in the protected industry.
In the long run, a year-long drought that destroys most of the summer's wheat crops causes permanently:
A. higher prices. B. lower prices. C. lower output. D. None of these is true.