The accompanying table shows two firms in a single-stage duopoly game.Each firm makes its decision without knowledge of the other firm's decision.The payoffs for each firm represent economic profits,and each firm strictly prefers more economic profit than less.Assume firms are not able to collude.The Nash equilibrium total quantity of potatoes on the market is:

A) 12,000
B) 4,000
C) 10,000
D) 14,000
E) 24,000

Question

The accompanying table shows two firms in a single-stage duopoly game.Each firm makes its decision without knowledge of the other firm's decision.The payoffs for each firm represent economic profits,and each firm strictly prefers more economic profit than less.Assume firms are not able to collude.The Nash equilibrium total quantity of potatoes on the market is:

A) 12,000 
B) 4,000 
C) 10,000 
D) 14,000 
E) 24,000

Quizplus · Accepted Answer

The Answer of The accompanying table shows two firms in a single-stage duopoly game.Each firm makes its decision without knowledge of the other firm's decision.The payoffs for each firm represent economic profits,and each firm strictly prefers more economic profit than less.Assume firms are not able to collude.The Nash equilibrium total quantity of potatoes on the market is:

A) 12,000 
B) 4,000 
C) 10,000 
D) 14,000 
E) 24,000

The Accompanying Table Shows Two Firms in a Single-Stage Duopoly