What is true of equilibrium in the game in Scenario 13.14?
A) In equilibrium, both firms choose Q = 50.
B) In equilibrium, both firms choose Q = 100.
C) There are two equilibria, at Q = 50 and at Q = 100.
D) The only equilibrium is in mixed strategies.
E) The two equilibria are those associated with the (40,30 ) outcome and the (30,40 ) outcome.
B
You might also like to view...
The tools of monetary policy:
A. are limited in number and never change. B. continue to evolve as the economy changes. C. are all equally effective since they all do basically the same thing. D. have been used in the same basic ways for a hundred years.
Which of the following is a category of national income?
A. net interest B. corporate profits C. rental income D. All of these
Which of the following statements best represents the attitude of a consumer with a very inelastic demand toward various brands of coffee?
A. "All the brands are exactly the same. I always buy the cheapest." B. "Coffee is coffee; one brand is as good as the rest." C. "My brand is so superior to the rest of the brands that I'm willing to pay a bit more for it." D. "With my limited budget my favorite brand is usually the 'what's on sale' brand."
Assuming that good "x" is measured on the x-axis and good "y" is measured on the y-axis, if the utility for the two goods "x" and "y" can be measured as U = y, then it can be concluded that
A) "x" and "y" are perfect complements. B) "x" is a "bad". C) the indifference curves on the x,y graph are upward sloping. D) the indifference curves on the x,y graph are horizontal.