Given that Mattie could convincingly threatens to always fight, what would be Irene's best response
a. Enter
b. Not Enter
c. Run
d. Hide
b
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In the U.S., the ________ is a law to keep markets open and competitive
A) Sherman act B) Samuelson act C) Monopoly act D) pro-competition act
The difference between the maximum price the consumer is willing to pay and the price the consumer actually pays for a product is referred to as:
a. market surplus b. market shortage c. buyer surplus d. seller surplus.
Which of the following offers the fullest explanation of why "price equals marginal cost" is the rule from marginal analysis that indicates the profit-maximizing output level?
a. If output were reduced from the profit-maximizing level, then the firm would be giving up marginal revenue that exceeds marginal cost, and thus reducing the level of profit. b. If output were increased from the profit-maximizing level, then the firm would be gaining marginal revenue that is less than the marginal cost incurred in producing this additional unit, and thus reducing the level of profit. c. Because the firm colludes with other similar firms to set price equal to marginal cost. d. Both a. and b. above are correct.
Consider the following information for a simultaneous move game: If you advertise and your rival advertises, you each will earn $5 million in profits. If neither of you advertises, you will each earn $10 million in profits. However, if one of you advertises and the other does not, the firm that advertises will earn $15 million and the non-advertising firm will earn $1 million. If you and your rival plan to be in business for 10 years, then the Nash equilibrium is:
A. for each firm to advertise in early years, but not advertise in later years. B. for each firm to not advertise in any year. C. for neither firm to advertise in early years, but to advertise in later years. D. for each firm to advertise every year.