Refer to the following payoff matrix:Player 1Player 2??ab?A$50,$5$25,$30?B$40,$2$20,$1Suppose the simultaneous-move game depicted in this payoff matrix could be turned into a sequential-move game with player 1 moving first. In this case, the equilibrium payoffs will be:
A. ($25, $30).
B. ($20, $1).
C. ($40, $2).
D. ($50, $5).
Answer: C
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A firm will shut down in the long-run if
a. P>AVC
b. P
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