Question 12 (1 point) The payouts in this game represent the number of 5 star football recruits earned by each school given the above strategies. Auburn's players are the first value in the box and Alabama's are the second. If Auburn pays athletes. University of Alabama is better off to: 0 follow their non=dominant strategy 0 don't pay athletes 0 pay athletes Question 3 [1 point) These two firms are the only companies that sell a very similar product in Tucson. They are trying to determine whether or not to sell their products via retail stores or online. The values represent profit for each firm and the first number represents profit to CompanyA and the second number to Company B. Company 3 Retail outlets No retail outlets Company A Retail outlets $25, $25 $30, $15 lilo retail outlets $35, $35 $34, $20 Based on this game, check all that apply. Solve the game first, its easier. |:| This game has no Nash equilibrium |:| Both firms have a dominant strategy |:| Company A's dominant strategy is to open retail stores |:| This is an example of a prisoner's dilemma |:| Company B's dominant strategy is to open retail stores Question 7 (1 point) Which of the following statements explains a similarity between perfect competition and monopolistic competition? Firms in these models make use of nonprice competition. Firms in these models produce differentiated products. Firms in these models operate at the minimum point on their long-run average total cost curves. OFirms in these models find it easy to enter a market. Question 8 (1 point) These two firms are the only companies that sell a very similar product in Tucson. They are trying to determine whether or not to sell their products via retail stores or online. The values represent profit for each firm and the first number represents profit to Company A and the second number to Company B. Company B Retail outlets No retail outlets Company A Retail outlets $25, $25 $30, $15 No retail outlets $35, $35 $34, $20 Based on this game, check all that apply. Solve the game first, its easier. If Company A opens a retail store, Company B is better off opening a retail store If Company B opens a retail store, Company A is better off opening a retail store Company A's dominant strategy is to open retail stores The Nash equilibrium is the best outcome for both stores Company B has a mixed strategy