The slope of a line is the
A. values on the y-axis divided by the values on the x-axis.
B. values on the x-axis divided by the values on the y-axis.
C. change in the values along the x-axis divided by the change in the values along the y-axis.
D. change in the values along the y-axis divided by the change in the values along the x-axis.
Answer: D
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Intel and AMD are a duopoly that produces CPU chips. Intel and AMD can conduct R&D or they cannot conduct R&D. The table above shows the payoff matrix for the two firms. AMD is playing a tit-for-tat strategy and Intel did not conduct R&D last
Then, of the following answers, Intel's total profit for the next two periods is the highest if Intel ________ R&D this period and ________ R&D next period. A) conducts; conducts B) does not conduct; conducts C) conducts; does not conduct D) does not conduct; does not conduct E) conducts; either conducts or does not conduct because the profit is the same in either case
The price charged by oligopolists will
a. equal the equilibrium price in a price-takers market if the oligopolists collude. b. equal the monopoly price if the oligopolists do not collude. c. generally fall between the monopoly and competitive market equilibrium prices. d. be the same whether the oligopolists cooperate with one another or not; only profit is affected.
Equilibrium quantity is _____.
Fill in the blank(s) with the appropriate word(s).
Patents are a form of monopoly that society allows because they _____.
(A) Set up a situation in which only a few manufacturers can control an industry. (B) Give companies the right to decide who will be allowed to use their products. (C) Encourage firms to research and develop new products that benefit society as a whole. (D) Maintain an orderly way for companies to make a lot of money.