Multiple Choice
(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. If both follow a Grim trigger strategy, equilibrium will be reached when George produces _____ figurines and Garner produces _____ figurines.
A) 5,000; 5,000
B) 7,000; 7,000
C) 7,000; 5,000
D) 5,000; 7,000
Correct Answer:

Verified
Correct Answer:
Verified
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