Table: Tractors Ben's Strategies Betsy's Strategies Low Price High Price Low Price $150,000, $150,000 High Price $500,000, $100,000 $100,000, $500,000 $300,000, $300,000 The table presents the profits earned by the two tractor stores in a farm town, Betsy's Tractors and Ben's Farm Supplies. Profits are based on the price per tractor each producer sells. Betsy's profits are listed first in each cell, and Ben's are listed second. If Betsy chooses to charge a low price, charging a price is the best strategy for Ben. If Betsy chooses to charge a high price, charging a price is the best strategy for Ben. a. high; high b. high; low c. low; high d. low; low
Table: Tractors Ben's Strategies Betsy's Strategies Low Price High Price Low Price $150,000, $150,000 High Price $500,000, $100,000 $100,000, $500,000 $300,000, $300,000 The table presents the profits earned by the two tractor stores in a farm town, Betsy's Tractors and Ben's Farm Supplies. Profits are based on the price per tractor each producer sells. Betsy's profits are listed first in each cell, and Ben's are listed second. If Betsy chooses to charge a low price, charging a price is the best strategy for Ben. If Betsy chooses to charge a high price, charging a price is the best strategy for Ben. a. high; high b. high; low c. low; high d. low; low
Principles of Economics (MindTap Course List)
8th Edition
ISBN:9781305585126
Author:N. Gregory Mankiw
Publisher:N. Gregory Mankiw
Chapter14: Firms In Competitive Markets
Section: Chapter Questions
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