Refer to Table 14-3. What is the Nash equilibrium in this game?
A) In the Nash equilibrium both Saudi Arabia and Nigeria produce a low output and earn a profit of $100 million and $20 million respectively.
B) In the Nash equilibrium Saudi Arabia produces a low output and earns a profit of $80 million and Nigeria produces a high output and earns a profit of $30 million.
C) In the Nash equilibrium both Saudi Arabia and Nigeria produce a high output and earn a profit of $60 million and $20 million respectively.
D) There is no Nash equilibrium.
B
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The natural rate of unemployment consists of frictional unemployment plus structural unemployment
Indicate whether the statement is true or false
At the market clearing price
A) there is neither a shortage nor a surplus. B) quantity supplied equals quantity demanded. C) the supply and demand curves intersect. D) all of the above are correct.