Consider Eric's decision problem: Sunny Cloudy Rainy Beach 4 6 5 Park 8 9 6 Mall 4 4 3 Select every of the following statements that is true. Beach is a strongly dominant choice for Eric Park is a strongly dominant choice for Eric Mall is a strongly dominant choice for Eric Mall is strictly better than Beach and Park when the state is Rainy Park is strictly better than Beach and Mall for all three states Beach is strictly better than Park and Mall when the state is Cloudy

Consider Bob's decision problem:  Sunny Cloudy RainyBeach 2 3 4Park 3 4 4Mall 2 4 2Which of the following statements is TRUE? Beach is a strongly dominated choice for Bob Park is a strongly dominated choice for Bob Mall is a strongly dominated choice for Bob Bob has no strongly dominated choices

Which of the following statements described preference theory?

Consider a pricing game between Coles and Woolworths. Each firm simultaneously chooses whether to price High or Low. If both firms price Low, the payoffs are 8 to each firm. If both firms choose High, each firm gets 12. If one firm chooses Low and the other High, the Low-priced firm gets 14 and the firm that opted for High gets 2.In this game:Group of answer choicesColes has a dominant strategy to choose HighColes has a dominant strategy to choose LowColes does not have a dominant strategyColes does have a dominant strategy, but it depends on what Woolworth chooses to do.None of the above

Consider a pricing game between Coles and Woolworths. Each firm simultaneously chooses whether to price High or Low. If both firms price Low, the payoffs are 8 to each firm. If both firms choose High, each firm gets 12. If one firm chooses Low and the other High, the Low-priced firm gets 14 and the firm that opted for High gets 2.In this game:  Coles has a dominant strategy to choose High Correct!  Coles has a dominant strategy to choose Low   Coles does not have a dominant strategy   Coles does have a dominant strategy, but it depends on what Woolworth chooses to do.   None of the above

Consider the following game. Terry and Kerry are roommates who must make decisions about cleaning simultaneously. Terry’s payoff is the first number in each cell and a higher number is a better outcome:   Kerry  CleanDon’t cleanTerryClean( 8, 2 )( 3, 5 )Don’t clean( 10, 3 )( 4, 1 )Group of answer choicesOnly Terry has a strictly dominant strategy.Only Kerry has a strictly dominant strategy.Both Terry and Kerry have a strictly dominant strategy.Neither Terry and Kerry have a strictly dominant strategy.None of the above.