Refer to the normal-form game of price competition shown below.Firm AFirm B??CD?A0,75,2?B5,10,8Which of the following represents firm B's full strategy space?
A. {A, B}
B. {A, C}
C. {(A, C), (A, D), (B, C), (B, D)}
D. {C, D}
Answer: D
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Refer to Table 9-6. Select the statement that accurately interprets the data in the table
A) Celeste has an absolute advantage in making saddles and spurs. B) Mateo has an absolute advantage in making saddles and spurs. C) Neither Mateo nor Celeste has an absolute advantage in making spurs. D) Neither Mateo nor Celeste has an absolute advantage in making saddles.
Which of the following would be an example of a public good?
a. A candy bar. b. A painting by Monet. c. A taxi cab. d. A sunset. e. The beach.
The labor force participation rate:
A. tells us what fraction of the working-age population wants to be working, whether or not they actually have a job. B. typically rises during times of recession, as more people need work. C. is used as an indication of the health of the overall economy. D. All of these are true.
The text states that the Herfindahl-Hirschman Index (HHI) for electronic computers is 680, while the HHI for chocolate is 2,188 . We can interpret this to mean that
a. people buy more chocolate than computers b. the price of computers is higher than the price of chocolate c. the demand for computers is relatively more inelastic than the demand for chocolate d. market power is more heavily concentrated in the chocolate market than in the computer market e. computers are more of a necessity than chocolate