# Question

Richard and Charlotte can each choose only one of two locations to search for gold. The payoffs to each for each possible combination of choices are as given in the payoff matrix below. Which of the following statements is true?

a. The upper-left cell of the payoff matrix is a Nash equilibrium.

b. The upper-right cell of the payoff matrix is a Nash equilibrium.

c. The lower-right cell of the payoff matrix is a Nash equilibrium.

d. The lower-left cell of the payoff matrix is a Nash equilibrium.

a. The upper-left cell of the payoff matrix is a Nash equilibrium.

b. The upper-right cell of the payoff matrix is a Nash equilibrium.

c. The lower-right cell of the payoff matrix is a Nash equilibrium.

d. The lower-left cell of the payoff matrix is a Nash equilibrium.

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