Business, 03.01.2020 00:31 wickedskatboarder

Joe is the owner of the 7-11 mini mart, sam is the owner of the super america mini mart, and together they are the only two gas stations in town. currently, they both charge $3 per gallon, and each earns a profit of $1,000. if joe cuts his price to $2.90 and sam continues to charge $3, then joe's profit will be $1,350, and sam's profit will be $500. similarly, if sam cuts his price to $2.90 and joe continues to charge $3, then sam's profit will be $1,350, and joe's profit will be $500.

if sam and joe both cut their price to $2.90, then they will each earn a profit of $900.

if both players choose their dominated strategy they will each and if both players choose their dominant strategy they will each

1. $900; $1,000

2. $500; $1,350

3. $900; $1,350

4. $1,000; $900

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