The payoff matrix shows all of the following EXCEPT
A) if both oligopolists choose a high price, each makes $6 million.
B) if they both choose a low price, each makes $4 million.
C) if one chooses a low price and the other doesn't, the low priced firm will make $8 million.
D) if one oligopolist chooses a high price and the other doesn't, the high-priced firm makes $8 million.
D
You might also like to view...
Based on the figure below. Starting from long-run equilibrium at point C, a tax increase that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at point ________ and eventually to a long-run equilibrium at point ________, if left to self-correcting tendencies.
A. D; C B. D; B C. A; B D. B; C
Entry of new firms into a perfectly competitive market raises the product's price
Indicate whether the statement is true or false
A firm employing 100 workers has an average absenteeism rate of 4%. On a given day, what is the probability of
(a) no workers, (b) one worker, (c) more than six workers being absent?
(Select the best answer): The introduction of hybrid varieties of corn had a major influence in:
a. Increasing population density b. Increasing land in production c. Increasing yields per unit land d. Increasing agricultural trade