Refer to the normal-form game of price competition shown below.Firm AFirm B??CD?A0,75,2?B5,10,8Which of the following represents firm A's full strategy space?
A. {C, D}
B. {A, C}
C. {(A, C), (A, D), (B, C), (B, D)}
D. {A, B}
Answer: D
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If the interest rate is above the equilibrium interest rate, then
A) there is an excess demand for money. B) the quantity of money demanded exceeds the quantity supplied. C) people will sell bonds and the interest rate will fall. D) people will buy bonds and the interest rate will fall.
In 2015, the Educational Testing Service (ETS) charged $52.50 to take the Scholastic Aptitude Test (SAT) but $195 to take the Graduate Record Exam (GRE). One reason for this difference in price is
A) the GRE is a longer test with more questions. B) more people took the SAT than the GRE in 2015. C) an average, those who take the GRE have higher incomes than those who take the SAT. D) the ETS faces competition in the market for the SAT but no competition for the GRE.
Differences in size of real GDP across countries are best explained by
A. Human capital. B. Large farming sector. C. Population growth. D. None of the choices are correct.
The market price is
A. usually higher than the equilibrium price. B. always easy to determine. C. the typical price at which a good or service sells. D. the exact price a product sells for at a specific time.