Pam and Tara run two competing lemonade stands in a town. In the payoff matrix above, the first entry in each cell shows the profits to Pam, and the second entry in each cell shows the profits to Tara. According to the information, which of the following is true?If Pam sets the high price, Tara will do best by charging the low price.If Pam sets the low price, Tara will do best by charging the high price.The dominant strategy for both is to charge the high price.The dominant strategy for Tara is to set the low price and for Pam is to set the high price.Neither Tara nor Pam has a dominant strategy.

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13-12-2022
Business

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Pam and Tara run two competing lemonade stands in a town. In the payoff matrix above, the first entry in each cell shows the profits to Pam, and the second entry in each cell shows the profits to Tara. According to the information, which of the following is true?If Pam sets the high price, Tara will do best by charging the low price.If Pam sets the low price, Tara will do best by charging the high price.The dominant strategy for both is to charge the high price.The dominant strategy for Tara is to set the low price and for Pam is to set the high price.Neither Tara nor Pam has a dominant strategy.

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namrata421 namrata421 · Answer 1 · 2022-12-18T09:48:18+01:00

If Pam sets a high price, Tara will profit most from charging a low price, the research claims.

Which of the following statements is accurate if a market is perfectly competitive and in long-term equilibrium?

In a state of economic equilibrium, the total demand and total supply for a given good are equal. Businesses in perfectly competitive industries make a normal profit, and each business seeks to increase its profit by maximizing output at the point where marginal cost (MC) equals marginal revenue (MR).

What transpires in ideal competition over time?

In a world with perfect competition, businesses never make a profit. Long-term accounting profits are something that businesses can achieve, but economic profits are something else.

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