Refer to Scenario 12.2. In this game, if the players successfully coordinate and Jerome ends up playing his weak strategy, then
A) Eliza will donate a kidney and Jerome will not donate.
B) both Eliza and Jerome will donate a kidney.
C) Jerome will donate a kidney and Eliza will not donate.
D) neither Eliza nor Jerome will donate a kidney.
C
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Relative to a perfectly competitive market, as long as the monopolist does not benefit from substantial economies of scale,
a. price and quantity are higher under monopoly b. price and quantity are lower under monopoly c. quantity is higher and price is lower under monopoly d. quantity is lower and price is higher under monopoly e. there are no differences in price and quantity
Everything else equal, the AC curve will shift downward if
a. input prices rise. b. input MPPs rise. c. output rises. d. output falls.
(a) Fill in table. (b) Using your own piece of graph paper, draw a graph of the firm's demand, marginal revenue, marginal cost, and average total cost curves. (c) Calculate the firm's total profit. (d) If the firm operates at optimum efficiency, how much will its output be? (e) If the firm were a perfect competitor, how much will its price be in the long run?
In a monopolistically competitive market if the additional revenue generated from advertising equals the additional cost of advertising, the firm should
A. advertise less to decrease costs. B. maintain its current amount of advertising. C. advertise more to lower marginal costs. D. advertise more to increase sales.