Refer to the above figure. Ajax and Greenco are oligopolists. Above you are given the payoff matrix for the two firms giving the payoff associated with different pricing strategies
What is the best strategy for Greenco if Ajax decides on charging a high price? A) high price
B) low price
C) There is no best strategy.
D) Not enough information is given to determine the best strategy.
B
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The product approach to calculating GDP
A) adds together the market values of final goods and services produced by domestic and foreign-owned factors of production within the nation in some time period. B) includes the market value of goods and services produced by households for their own consumption but excludes the value of the underground economy. C) is superior to the income approach because, unlike the income approach, it gives us the real value of output. D) adds together the market values of final goods, intermediate goods, and goods added to inventories.
Which of the following is not a reason for the existence of imperfect competition in health care markets?
a. easy entry into industry b. restrictions on advertising c. economies of scale d. collusion
The "expansion" of an economy occurs after:
A. firms produce more goods. B. people spend more money. C. a trough. D. an inflationary period.
Identify the 3 curves in the above figure.
A. (1) is short-run aggregate supply, (2) is long-run aggregate supply, (3) is aggregate demand. B. (1) is long-run aggregate supply, (2) is aggregate demand, (3) is short-run aggregate supply. C. (1) is aggregate demand, (2) is short-run aggregate supply, (3) is long-run aggregate supply. D. (1) is long-run aggregate supply, (2) is short-run aggregate supply, (3) is aggregate demand.