Suppose China and the US are deciding whether to join an international agreement to mitigate climate change. The matrix below contains payoffs that represent each country’s net benefit from their decisions. Use this information to answer Question 24.   CHINA       USA   Join Agreement Do Not Join Agreement   Join Agreement (100,100) (0,125)   Do Not Join Agreement (125,0) (25,25)     [24] What does each country decide to do in a Nash equilibrium?  AND  What is the efficient outcome?

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