Suppose this is a repeated game where the firms adopt a trigger strategy. What would the trigger strategy look like?
a. Charge low prices until he charges a high price, and then match
b. Charge high prices until he charges a low price, then match
c. Charge a high price till he charges a high price, then charge a low price
d. Charge a low price till he charges a low price, then charge a high price
b
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Refer to the figure above. Which of the following combinations is attainable as well as efficient?
A) B B) C C) D D) E
On December 10 the price of a Christmas tree is $50 and 100 trees are purchased. On December 20 the demand for Christmas trees decreases so that the price falls to $30 and 20 trees are purchased. From this set of facts, the
A) demand for Christmas trees is price inelastic. B) demand for Christmas trees is price elastic. C) supply of Christmas trees is inelastic. D) supply of Christmas trees is elastic.
Is it possible for technological change to be negative? If so, give an example
What will be an ideal response?
Which of the following people would be least likely to search the newspaper ads for bargains and clip store coupons?
a. a retired person b. an unemployed person c. a waitress earning $5 per hour d. an attorney earning $100 per hour e. a student on summer vacation