
Refer to Figure 8.11. If Fred's profit in the top rectangle were 1,300 instead of 500, then the path of the game would be:
A. Fred chooses a small quantity and Barney enters.
B. Fred chooses a large quantity and Barney enters.
C. Fred chooses a small quantity and Barney stays out.
D. Fred chooses a large quantity and Barney stays out.
Answer: A
You might also like to view...
Although the Fed professed employment of ________ targeting during the 1970s, its behavior suggests that it emphasized ________ targeting
A) free-reserve; interest-rate B) interest-rate; monetary aggregate C) monetary aggregate; interest-rate D) free reserve; monetary aggregate
Which of the following statements best describes a price floor?
a) A price that suppliers can be sure to receive for their output. b) A price floor will cause an excess supply of a good. c) A price higher than the market equilibrium price. d) All of the above.
What authority was given to the president in the Taft-Hartley Act?
a. to seek an injunction to prevent a union strike b. to prohibit unions trying to organize federal workers c. to approve labor contracts in the defense industry d. to choose an arbitrator to resolve labor disputes
The price at which marketable pollution permits are sold is set by the government.
Answer the following statement true (T) or false (F)