Question: For the situation, identify the two players and their possible choices, and construct a payoff matrix for their conflict. Andersonville has two gas stations, Ralph's

For the situation, identify the two players and their possible choices, and construct a payoff matrix for their conflict.

Andersonville has two gas stations, Ralph's Qwik-Serv and Charlie's Gas-n-Go. Both Ralph and Charlie are considering raising prices by 1, staying with their current prices, or lowering prices by 1. If they both make the same choice, there will be no change in their market shares, but if they make different choices, the one with the lower price will gain8%of the market for each penny difference in their prices.

Charlie

R % % %

S% % %

L % % %

Ralph

R % % %

S % % %

L % % %

What doesRrepresent?

Rrepresents raising the price by 1.

Rrepresents keeping the price the same.

Rrepresents lowering the price by 1.

What doesSrepresent?

Srepresents lowering the price by 1.

Srepresents raising the price by 1.

Srepresents keeping the price the same.

What doesLrepresent?

Lrepresents lowering the price by 1.

Lrepresents raising the price by 1.

Lrepresents keeping the price the same

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