A tit-for-tat strategy in a two-firm balanced oligopoly results in
a. A Nash equilibrium
b. one firm setting price and announcing that it would match whatever price its rival firm charges
c. both firms competing as if the market were perfectly competitive
d. both firms colluding to set and maintain relatively high prices
e. one firms punishing its rival for setting price above its own
B
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You own two different energy drink brands: "Blue Cow" and "600 minute energy.". If you reduce the price on "Blue Cow", a. Sales of "Blue Cow" would increase, without any changes in sales for "600 minute energy."
b. Sales of both "Blue Cow" and "600 minute energy.". would increase c. Sales of "Blue Cow" would increase, but the sales of "600 minute energy" would be cannibalized d. Neither "Blue Cow" nor "600 minute energy" would see an increase in sales.
All of the following have played a role in reducing union strength since 1970 except
a. rising service sector employment. b. foreign industrial competition. c. the Supreme Court's decision to apply antitrust laws to union organization efforts. d. "right-to-work" laws.
One reason that an efficiency wage leads to greater worker productivity is that:
A. earning more than the market wage gives workers an incentive to stay with the firm. B. it deters workers from trying to start a union. C. due to competition for their jobs, which are now desired, firms to pay less overall for a worker in the long run. D. it is set right at market equilibrium which creates an efficient labor market.
The U.S. Congress first instituted a minimum wage in
a. 1776. b. 1812. c. 1938. d. 1975.