In the copycat game, there
a. is one Nash equilibrium.
b. are two Nash equilibria.
c. all the outcomes are Nash equilibria.
d. no matter what Ditto chooses, Dot would prefer the other activity.
d. no matter what Ditto chooses, Dot would prefer the other activity.
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Allocative efficiency is achieved in an industry when firms supply those goods and services that provide consumers with a marginal benefit equal to the marginal cost of producing those goods and services
Indicate whether the statement is true or false
The slope of the total revenue curve for a perfectly competitive firm equals
a. marginal revenue, which is less than price b. marginal revenue, which is greater than price c. marginal revenue, which is equal to price d. average revenue, which is less than price e. average revenue, which is greater than price
Market power refers to the
a. side effects that may occur in a market. b. government regulations imposed on the sellers in a market. c. ability of market participants to influence price. d. forces of supply and demand in determining equilibrium price.
what happens when demand decreases and supply does not change
What will be an ideal response?