The excess capacity theorem states that society would clearly benefit from a reduction in the number of monopolistic competitors.
Answer the following statement true (T) or false (F)
False
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Balthazar and Artemis are cousins who grow stick cactus in adjacent plots. Each can choose to work somewhat hard and expend $200 worth of effort, or can work extremely hard and expend $300 worth of effort
If either works somewhat hard, he can produce stick cactus that sell for a total of $650. If either works extremely hard, he can produce stick cactus which sell for a total of $800. Both Balthazar and Artemis are equally good at growing stick cactus. a. What is the dominant strategy for Balthazar and for Artemis? b. If both play their dominant strategies, what is the net payoff for each cousin? c. Is there a Nash equilibrium, and if so, what is it? Now assume the cousins are forced by government to combine their plots and share what they make. d. What is the dominant strategy for Balthazar and for Artemis? e. If both play their dominant strategies, what is the net payoff for each cousin? f. Is there a Nash equilibrium, and if so, what is it? g. How did this change in property rights affect each cousin's incentive to work, and what happens to the economic pie?
Tom's marginal utility from a Sobe exceeds his marginal utility of crackers. Therefore, his total utility of Sobe must exceed his total utility of crackers
Indicate whether the statement is true or false
Oligopoly is a market structure that is characterized by a:
What will be an ideal response?
Refer to the data below. Over which price range is the demand unit-elastic?
A. $18-$16
B. $16-$14
C. $14-$12
D. $12-$10