Select the phrase that correctly completes the following statement. "A decrease in the expected future price caused an increase in the supply of smartphones. As a result
A) the equilibrium quantity of smartphones decreased."
B) the price of smartphones decreased and the quantity of smartphones demanded increased."
C) the price of smartphones decreased and the demand for smartphones increased."
D) the price of smartphones decreased. The lower price caused the supply of smartphones to decrease."
B
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Consider the following sequential move game:
a. What are the subgame perfect equilibrium strategies in this game?
b. List all possible strategies for the two players.
c. Illustrate this game in a payoff matrix.
d. Indicate the Nash equilibria in the payoff matrix from (c).
e. What makes some of the Nash equilibria not subgame perfect?
What will be an ideal response?
Refer to Figure 3-2. A decrease in the number of firms in the market would be represented by a movement from
A) A to B. B) B to A. C) S1 to S2. D) S2 to S1.
The analysis is externally valid if
A) the statistical inferences about causal effects are valid for the population being studied. B) the study has passed a double blind refereeing process for a journal. C) its inferences and conclusions can be generalized from the population and setting studied to other populations and settings. D) some committee outside the author's department has validated the findings.
Which of the following is true about producer surplus?
a. Producer surplus is how much more it costs sellers than they are paid b. Producer surplus is shown graphically as the area under the demand curve but above the supply curve. c. An increase in the market price due to an increase in demand will increase producer surplus. d. All of the above are true about producer surplus.