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Consider the following payoff table. There are two players, and each has two available strategies: free trade or protection with tariffs. The first number is
Consider the following payoff table. There are two players, and each has two available strategies: free trade or protection with tariffs. The first number is the payoff to the USA and the second number is the payoff to China. China USA Which of the following is correct? O All of the answers are correct. 0 Both countries are better off with imposing 'Tariffs'. O The equilibrium is for both countries to choose 'Free' trade. O China's dominant strategy is to choose 'Free' trade. 0 The dominant strategy by both leads to an inefficient outcome
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