What is the payoff for each firm in this one-shot game?
a. Both firms will earn 0
b. Firm A will earn 50 and firm B will earn -10
c. Firm A will earn -10 and firm B will earn 50
d. Both firms will earn 25
a
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The loss of efficiency that occurs in monopolistic competition has to be weighed against the gain of
A) higher wages for employees. B) an increase in employment. C) greater product variety. D) reduced environmental damage.
The maximum price a buyer is willing to pay for a good is called: a. cost
b. willingness to pay. c. equity. d. efficiency.
A portion of the balance of payments in which remaining outstanding claims are financed is known as the
a. current account. b. settlement account. c. capital account. d. balance of trade.
A main cause of the cost disease of personal services is
a. the change from an agrarian to an industrial society. b. labor-saving innovations in the service industries. c. the unevenness in growth of productivity in the economy. d. massive increases in industrial production at the expense of consumer goods production.