The Nash equilibrium for the game is
a. For both stores to advertise
b. For megastore to advertise and for superstore not to advertise
c. For megastore not to advertise and for superstore to advertise
d. For both stores to not advertise
a
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Since sunk costs are incurred no matter what:
A. they are relevant in deciding how much to produce. B. they are essential in the profit-maximizing sales quantity formula. C. they can generally be ignored in making economic decisions. D. they are considered fixed costs.
Which of the following is a difference between panel and pooled cross-sectional data?
A. A panel data set consists of data on different cross-sectional units over a given period of time while a pooled data set consists of data on the same cross-sectional units over a given period of time. B. A panel data set consists of data on the same cross-sectional units over a given period of time while a pooled data set consists of data on different cross-sectional units over a given period of time C. A panel data consists of data on a single variable measured at a given point in time while a pooled data set consists of data on the same cross-sectional units over a given period of time. D. A panel data set consists of data on a single variable measured at a given point in time while a pooled data set consists of data on more than one variable at a given point in time.
Give an example that shows price inelasticity of supply. Avoid using examples from the text.
What will be an ideal response?
According to the life-cycle theory of consumption, people tend to consume ________ they earn during their main working years.
A. an amount unrelated to what B. less than C. the same as D. more than