The above figure shows a payoff matrix for two firms, A and B, that must choose between a high-price strategy and a low-price strategy. The Nash equilibrium in this game
A) does not exist.
B) occurs when both firms set a low price.
C) occurs when both firms set a high price.
D) occurs when firm A sets a high price and firm B sets a low price.
B
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In 2011, apples cost $1.49 a pound. Suppose the CPI was 120 in 2011 and 140 in 2012. If there is no change in the real price of an apple in 2012, what is the price of a pound of apples in 2012?
A) $2.74 B) $1.69 C) $1.66 D) $1.74 E) $1.28
Pete is a perfectly competitive rose grower. The above table gives quantities and the price for which Pete can sell his roses
a) What is Pete's total revenue if he sells 1 dozen roses? 2 dozen roses? 3 dozen roses? 4 dozen roses? b) What is the marginal revenue of the 2nd dozen roses sold? Of the 3rd dozen? Of the 4th dozen?
Refer to Table 19-11. Real GDP for Tyrovia for 2016 using 2007 as the base year equals
A) $1,140. B) $880. C) $690. D) $560.
An inferior good is:
A. one whose demand curve will shift rightward as incomes rise. B. one whose price and quantity demanded vary directly. C. one that has not been approved by the Federal Food and Drug Administration. D. not accurately defined by any of these statements.