If a game is a prisoners’ dilemma, neither player has dominant strategy.
Answer the following statement true (T) or false (F)
False
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All of the following are examples of product-specific services except which one?
A) displaying a product B) offering the lowest price for the product C) demonstrating a product D) providing information about the product
Suppose demand decreases, but there is no change in supply. As the market reaches its new equilibrium:
A. excess supply will lead the price to rise. B. excess demand will lead the price to fall. C. excess supply will lead the price to fall. D. excess demand will lead the price to rise.
Which of the following is most important if the living standards of people residing in a country are going to improve?
What will be an ideal response?
Figure 12.2 shows demand, marginal revenue, and costs of a duopolist. Suppose that the two duopolists have the same costs. If the two firms form a cartel and charge the profit maximizing monopoly price, then compared to perfect competition, each firm's profit will be ________ and the total output level will be ________.
A. greater; greater B. greater; smaller C. smaller; greater D. smaller; smaller