Refer to the payoff matrix below. The payoff matrix describes the payoffs to two members of the OPEC cartel. The Nash equilibrium of this game will occur with Saudi Arabia producing a _ output and Nigeria producing a __output.
low; low
high; high
low; high
high; low
low; high

Question

09-12-2022
Business

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Refer to the payoff matrix below. The payoff matrix describes the payoffs to two members of the OPEC cartel. The Nash equilibrium of this game will occur with Saudi Arabia producing a _ output and Nigeria producing a __output.
low; low
high; high
low; high
high; low
low; high

Respuesta :

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contexto065 contexto065 · Answer 1 · 2022-12-16T02:32:13+01:00

low; high

The Nash equilibrium is a tool economists use to forecast how businesses will react to pricing competition. Customers will likely be squeezed more severely by two huge corporations who adopt pricing strategies to compete with one another than they could be if they each faced thousands of competitors. Assuming the opposing party has decided on a strategy and won't change it, this suggests that it is the optimal course of action. As an illustration, in the Prisoner's Dilemma game, admitting is a Nash equilibrium since it is the best result when considering the expected actions of others. A player can obtain the desired outcome by sticking to their initial strategy, according to the Nash equilibrium, a decision-making theorem in game theory.

Know more about the Nash equilibrium at: https://brainly.com/question/27578385

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Refer to the payoff matrix below. The payoff matrix describes the payoffs to two members of the OPEC cartel. The Nash equilibrium of this game will occur with Saudi Arabia producing a _____ output and Nigeria producing a ______output. low; low high; high low; high high; low low; high

Respuesta :

Otras preguntas

Refer to the payoff matrix below. The payoff matrix describes the payoffs to two members of the OPEC cartel. The Nash equilibrium of this game will occur with Saudi Arabia producing a _ output and Nigeria producing a __output.
low; low
high; high
low; high
high; low
low; high