Refer to Figure 3.2. The Nash equilibrium is where
A) Wilma plays North and Betty plays West.
B) Wilma plays North and Betty plays East.
C) Wilma plays South and Betty plays East.
D) There is no Nash equilibrium in this game.
A
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Kate and Alice are small-town ready-mix concrete duopolists. The market demand function is Qd = 20,000 - 200P, where P is the price of a cubic yard of concrete and Qd is the number of cubic yards demanded per year. Marginal cost is $80 per cubic yard. The Cournot model describes the competition in this market. What is the difference in the deadweight loss compared to a monopoly in this market?
A. A monopoly would create $6,666.67 more deadweight loss B. A monopoly would create $6,666.67 less deadweight loss C. A monopoly would create $5,555.56 more deadweight loss D. A monopoly would create $5,555.56 less deadweight loss
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What will be an ideal response?
Which year marked a major turning point in the history of the U.S. balance of trade?
a. 1960 b. 1965 c. 1995 d. 1975 e. 2000