Firms share technology with rivals,
a. in order to better compete with their rivals.
b. in order to help out when their rivals are in trouble.
c. to share the substantial risks of innovation.
d. because they are required to by law.
e. in order to pass false information to their rivals in order to drive them out of business.
c
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In a three-player game, if a player's best choice depends on the choices made by the other two players, then the player does not have a dominant strategy
Indicate whether the statement is true or false
We observe evidence of a shortage when we see
A) the quantity purchased is greater than the quantity supplied. B) the quantity purchased is less than the quantity supplied. C) nonmonetary costs of acquisition have risen. D) goods have becomes more scarce. E) prices have increased suddenly and substantially.
Refer to Figure 11-1. The marginal product of the 7th worker is
A) 66. B) 9.43. C) 2. D) -2.
The marginal rate of technical substitution is measured by
A) the relative input prices. B) the slope of the isocost line. C) the slope of the isoquant. D) the ratio of the product's price to the product's cost of production.