The figure below presents information for a one-shot game.Firm AFirm B??Low PriceHigh Price?Low Price(2,2)(10,-8)?High Price(-8,10)(6,6)What are dominant strategies for firm A and firm B respectively?
A. (high price, low price)
B. (low price, low price)
C. (low price, high price)
D. (high price, high price)
Answer: B
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Allocative efficiency occurs
A) anywhere inside or on the production possibilities frontier. B) when the total cost of production is minimized. C) at all points on the production possibilities frontier. D) at only one point on the production possibilities frontier. E) at the points where the production possibilities frontier crosses the horizontal or vertical axis.
A move from an abnormally high rate of unemployment toward a more typical level of unemployment would: a. shift the production possibilities curve inward
b. shift the production possibilities curve outward. c. move society from a point inside the production possibilities curve toward the curve. d. move society from a point on the production possibilities curve to a point beyond the production possibilities curve.
The health care system in Japan is referred to as ________, under which every resident of Japan is required to enroll in either a private, or the government-provided, health insurance program
A) an out-of-pocket system B) a single-payer health care system C) a universal health insurance system D) socialized medicine
Market supply is found by
A) horizontally summing each individual producer's average total cost curve. B) vertically summing the relevant part of each individual producer's marginal cost curve. C) horizontally summing the relevant part of each individual producer's marginal cost curve. D) vertically summing each individual producer's average total cost curve.