Libertyville has two optometrists, Dr. Smith and Dr. Jones. Each optometrist can choose to advertise his service or not. The incomes of each optometrist, in thousands of dollars, are given in the payoff matrix above.
Which of the following statements CORRECTLY categorizes the Nash equilibrium for the game? A) The game has a Nash equilibrium in which both optometrists advertise.
B) The game has a Nash equilibrium in which both optometrists do not advertise.
C) The game has a Nash equilibrium in which Dr. Smith advertises and Dr. Jones does not advertise.
D) The game has a Nash equilibrium in which Dr. Smith does not advertise and Dr. Jones does advertise.
Question 2
Firms in monopolistic competition make products that are
A) perfect complements.
B) close but not perfect complements.
C) perfect substitutes.
D) close but not perfect substitutes.
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Phillip K. Smith III, Lucid Stead.
Kiki Smith, Ginzer and Bird Skeleton.
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