Refer to the below pay off matrix. If both firms operate independently and do not collude, the most likely profit is:
Answer the question based on the following payoff matrix for a duopoly in which the numbers indicate the profit in thousands of dollars for a high-price or a low-price strategy.
A. $400,000 for firm X and $400,000 for firm Y
B. $725,000 for firm X and $475,000 for firm Y
C. $475,000 for firm X and $725,000 for firm Y
D. $625,000 for firm X and $625,000 for firm Y
A. $400,000 for firm X and $400,000 for firm Y
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A. lower; potential B. higher; higher C. higher; potential D. lower; higher
"Unemployment will decrease because the economy is on an upward swing" is an example of a positive statement
Indicate whether the statement is true or false
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A) a price floor B) a price ceiling C) an illegal market D) all of these
Which of the following is NOT an official reserve asset for the United States?
A) Monetary gold B) British pounds C) SDRs from the IMF D) Mexican pesos