A single-period duopoly firm can choose output level A or B. The firm decides it will produce level A regardless of what the other firm produces. This decision may occur because
A) producing the output level A is a dominant strategy.
B) this firm has simply decided to always produce at level A.
C) Both A and B are possible.
D) None of the above.
C
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If a firm's long-run average total curve shows that it can produce 5,000 DVDs at an average cost of $2.00 and 15,000 DVDs at an average cost of $1.50, this is evidence of
A) economies of scale. B) the law of supply. C) diminishing returns. D) diseconomies of scale.
The above figure shows the cost curves for a typical firm in a competitive market. From the graph, estimate the firm's profits when price equals $10 per unit
What will be an ideal response?
All of the following are point sources, EXCEPT
a. publicly-owned treatment works (POTW) b. factory smokestack b. recreational motor boat d. urban runoff
What are the three goals of the Employment Act of 1946?
A) keep the peace, improve public education, and protect the environment B) improve the education system, provide more job training, and expand the number of government jobs C) full employment, price stability, and economic growth D) full employment, better schools, and lower income taxes