Author Question: A payoff matrix A) shows the payoffs (i.e. bribes) required to government officials for firms ... (Read 135 times)

formula1 · **on:** Jul 1, 2018

A payoff matrix

A) shows the payoffs (i.e. bribes) required to government officials for firms undertaking specific actions.
B) details the actions each firm takes.
C) shows the payoffs to each firm for each possible outcome.
D) is optional in game theory.

Question 2

If resale is easy, then

A) price discrimination won't work, because then only low-priced goods are sold.
B) consumers' demand curves will shift to the low-priced good.
C) firms will stop providing the good.
D) price discrimination results in lower consumer surplus.