Question: Questions 14 through 18 refer to the information that follows. Consider a small town that is served by two grocery stores, White and Gray. Each store must decide whether it will remain open on Sunday or whether it will close on that day. Monthly payoffs for each strategy pair are as shown in the table below.

Is the position identified in question 17 the best possible outcome for both firms?

Yes, the position identified in the previous question is the best outcome for both.

No, it would be mutually advantageous to cooperate and choose a different outcome.

Gray could do better, but White is already in the best position and would therefore need an incentive to cooperate.

White could do better, but Gray is already in the best position and would therefore need an incentive to cooperate.

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