Assume that two firms in an oligopoly market are unable to collude. Once the Nash Equilibrium is reached
a. it is always possible for one firm to increase its profits by producing more output.
b. the two firms are jointly earning monopoly profit
c. neither firm is able to improve its outcome on its own.
d. the outcome is equivalent to a competitive equilibrium.
c
You might also like to view...
Tariff accounts for 32% of the total government revenue in the U.K. and only 1.2% in India
a. True b. False Indicate whether the statement is true or false
Jeans in general have fewer close substitutes than a specific brand of jeans. Therefore, the demand for jeans in general will be ________ than the demand for a specific brand of jeans.
A. more elastic B. more unit elastic C. less elastic D. less inelastic
A right-to-work law is
A) a federal law making the closed shop illegal. B) a federal law making the union shop illegal. C) a state law making the union shop illegal. D) a state law making the open shop illegal.
A job loser is an individual
A. who used to work full time but left the labor force and has now reentered it looking for a job. B. who has never held a full-time job lasting two weeks or longer but is now seeking employment. C. in the labor force whose employment was involuntarily terminated. D. in the labor force who quits voluntarily.