Refer to the table below. If this market is a Cournot Oligopoly and Firm X is produces 50 units, what is Firm Y's demand at a price of $70?
The table above shows the market demand for a product that both Firm X and Firm Y manufacture. Both firms produce an identical product and the firms' average total and marginal cost are equal and constant.
A) 50
B) 0
C) 100
D) 150
C) 100
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If MUx / Px = MUY / PY, then _____
a. the consumer should purchase the same quantity of X and Y b. the consumer should purchase less of X c. the consumer is maximizing utility d. the consumer should purchase more of Y e. the consumer is minimizing utility
In game theory, a strategy that is optimal no matter what your opponent does is called a dominant strategy
a. True b. False Indicate whether the statement is true or false
The variation in the rate of return one can expect from ownership of stocks will generally be smaller
What will be an ideal response?
Answer the following statement true (T) or false (F)
1) Heuristics generally help people to make decisions faster, but also to make more errors. 2) Heuristics help people make faster, error-free decisions. 3) Recognition heuristics help advertisers gain customers. 4) Heuristics generally operate in brain System 2.