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(Table) Referring to the Payoff Matrix for Norm and Pete

Question 94

Multiple Choice

(Table) Referring to the payoff matrix for Norm and Pete (with Norm's profit in plain text and Pete's profit in italics) , who has a dominant strategy?
 Pete’s Pasta Dinners  High Price  Price Norm’s Noodle Bowls  High Price $4,000$4,500$700$3,500 Low Price $2,800$500$3,000$3,700\begin{array}{c} \quad \quad \quad \quad \quad \quad \quad \text { Pete's Pasta Dinners } \\\begin{array}{|l|l|ll|ll|}\hline & & {\text { High Price }} & &{\text { Price }} \\\hline \text {Norm's Noodle Bowls } & \text { High Price } & \$ 4,000 & \$ 4,500 & \$ 700 & \$ 3,500 \\\hline &\text { Low Price } & \$ 2,800 & \$ 500 & \$ 3,000 & \$ 3,700 \\\hline\end{array}\end{array}


A) both Norm and Pete
B) neither Norm nor Pete
C) Norm, but not Pete
D) Pete, but not Norm

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