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Author Question: Suppose there are only two firms in an industry. If they each set a high price, they each earn ... (Read 45 times)

dekbert

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on: Oct 12, 2022
Suppose there are only two firms in an industry. If they each set a high price, they each earn $5000. If they each set a low price, they each earn $2500. If one firm sets a low price while the other sets a high price, the low-price firm earns $7000 while the high-price firm earns $1000. Does a prisoners' dilemma exist?
◦ No, the Nash equilibrium does not maximize the joint payoff.
◦ Yes, because there is always a prisoner's dilemma in game theory.
◦ No, the Nash equilibrium does not maximize the individual payoff.
◦ Yes, the Nash equilibrium does not maximize the joint payoff.
◦ It cannot be determined from the information provided.
Microeconomics ¦ Ragan ¦ 17th Edition
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Marked as best answer by dekbert on Oct 12, 2022

kuttz

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Reply #1 on: Oct 12, 2022
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
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dekbert

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Reply 2 on: Oct 12, 2022
Thanks for the timely response, appreciate it

mjenn52

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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