In a battle of the sexes game, each player prefers a different Nash equilibrium
Indicate whether the statement is true or false
TRUE
You might also like to view...
If actual inflation differs from expected inflation, what is the slope of the aggregate supply curve?
A. The slope is horizontal in the short and long run. B. The slope is vertical in the short and long run. C. The slope is vertical in the short run and upward sloping in the long run. D. The slope is upward sloping in the short run and vertical in the long run.
Economists use the term demand to refer to the amount of some good or service consumers are willing and able to purchase at each price.
Select whether the statement is true or false. A. True B. False
Oligopolistic agreements on price tend to be unstable because
a. although the monopoly price is the best price for all firms, oligopolists are unaware of this and thus charge prices that are lower than the price that could be charged by a monopolists, therefore, decreasing social welfare. b. although the monopoly price maximizes the joint profits of the firms, a secret price cut by any individual firm will increase the profits of that firm; hence, collusive agreements tend to break down. c. the demand for the products of oligopolistic industries is inherently unstable relative to the demand for the products of non-oligopolistic industries because demand for products in oligopolistic industries are dependent on changes in consumer tastes and preferences. d. firms in oligopolistic industries have more concern for consumers than do firms in competitive industries.
Suppose that, when producing 10 units of output, a firm's AVC is $22, its AFC is $5, and its MC is $30. This firm's:
A. ATC is $35. B. ATC is $57. C. total cost is $270. D. total cost is $30.