Attempts to determine "what is" are part of __________ economics
A) positive
B) normative
C) positive and normative
D) neither positive nor normative
A
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If everyone has a dominant strategy in a simultaneous move game, then the action that is played by that strategy is played in all stages of any finitely repeated version of that game in any subgame perfect equilibrium.
Answer the following statement true (T) or false (F)
The distinguishing of products by brand name, color, and other attributes
A) is known as interdependence. B) is known as product differentiation. C) leads to many firms in the market. D) leads to collusion.
Product differentiation allows the firm to
a. raise price and lower quantity demanded b. raise price without suffering a substantial loss of sales c. shift the market demand curve to the left d. shift the market supply curve to the left e. decrease barriers to entry
Government failure occurs when
A. Dealing with a natural monopoly. B. Public goods are present. C. Government intervention fails to improve economic outcomes. D. There is market power.