In many business situations one firm will act first, and then other firms will respond. To help analyze these types of situations economists use
A) follow-the-leader-games. B) sequential games.
C) retaliation games. D) bargaining games.
B
You might also like to view...
Given the strict quantity theory of money, if the quantity of money doubled, prices would:
a. fall by half. b. double. c. remain constant. d. increase somewhat but less than double.
In the long run, when factors are mobile, an increase in the relative price of a good will increase the real earnings of the factor used intensively in the production of that good. This is known as:
a. the HeckscherOhlin model. b. the StolperSamuelson theorem. c. the Riparian model. d. the specificfactor theorem.
Consider a consumer who is searching for the lowest price for good X. The consumer knows that 75 percent of the time she will find a store charging $10 and 25 percent of the times she will find a store charging $7. The consumer will search again if her marginal cost of searching is constant and is:
A. between $1.00 and $2.25. B. strictly higher than $3. C. exactly $0. D. lower than or equal to $0.75.
Which of the following pairs of equations describes the supply and demand curves given in the accompanying demand and supply tables?PriceQuantity SuppliedQuantity Demanded$20040$251040$302040$353040$404040$455040
A. Qs = 2P - 40; Qd = 40, respectively B. Qs = P - 20; Qd = 40, respectively C. Qs = P - 40; Qd = 40P, respectively D. cannot be determined