(Figure: Payoff Matrix for George and Garner) Use Figure: Payoff Matrix for George and Garner. The figure describes two people who sell handmade porcelain figurines in San Francisco. Both George and Garner have two strategies available to them: to produce 5,000 figurines each month or to produce 7,000 figurines each month. For both George and Garner, the BEST response is to:

A)produce 5,000 figurines.
B)produce 7,000 figurines.
C)produce between 5,000 and 7,000 figurines.
D)collude and increase production to more than 14,000 figurines.

Question

(Figure: Payoff Matrix for George and Garner) Use Figure: Payoff Matrix for George and Garner. The figure describes two people who sell handmade porcelain figurines in San Francisco. Both George and Garner have two strategies available to them: to produce 5,000 figurines each month or to produce 7,000 figurines each month. For both George and Garner, the BEST response is to:
​
 
A)produce 5,000 figurines. 
B)produce 7,000 figurines. 
C)produce between 5,000 and 7,000 figurines. 
D)collude and increase production to more than 14,000 figurines.

Quizplus · Accepted Answer

The Answer of (Figure: Payoff Matrix for George and Garner) Use Figure: Payoff Matrix for George and Garner. The figure describes two people who sell handmade porcelain figurines in San Francisco. Both George and Garner have two strategies available to them: to produce 5,000 figurines each month or to produce 7,000 figurines each month. For both George and Garner, the BEST response is to:
​
 
A)produce 5,000 figurines. 
B)produce 7,000 figurines. 
C)produce between 5,000 and 7,000 figurines. 
D)collude and increase production to more than 14,000 figurines.