Return to the version of the game between the fishermen in which they fish independently. If the marginal cost for just fisherman A went up, what would be the likely effect on the Nash equilibrium?
a. A would catch more fish, and B would catch fewer.
b. A would catch fewer fish, and B would catch more.
c. A would catch more fish, but B's catch would not change.
d. A would catch fewer fish, but B's catch would not change.
b
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When supply increases and the supply curve shifts to the right, equilibrium price and equilibrium quantity will both increase
Indicate whether the statement is true or false
When a lender refuses to make a loan, although borrowers are willing to pay the stated interest rate or even a higher rate, the bank is said to engage in
A) coercive bargaining. B) strategic holding out. C) credit rationing. D) collusive behavior.
Exhibit 14-8 Aggregate demand and supply
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In Exhibit 14-8, if aggregate demand shifts from AD1 to AD2,
A. real GDP will increase from $3.0 to $7.0, and the price level will remain the same. B. real GDP will increase from $3.0 to $4.0, and the price level will remain the same. C. real GDP and the price level will both remain the same. D. real GDP will increase from $3.0 to $4.0, and the price level will increase from 100 to 140.
A bracelet making company has three employees, and together they produce 10 bracelets an hour. When a fourth worker joins them, the output for the company is now 11 bracelets an hour. Which of the following is true?
A. Average product has increased. B. Diminishing marginal product started with the fourth worker. C. Total product is increasing. D. None of these is true.