Define a tit-for-tat strategy
What will be an ideal response?
It is a repeated game strategy in which a player responds in kind to an opponent's play.
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A new country has been established on the moon and created a currency called cheesybits. Which of the following represents demand for cheesybits?
A. Luna lives on the moon and wants to travel to visit relatives in Japan. B. Moonbeam Incorporated, the largest company on the moon, sells building products for houses on the moon. C. Moonrock corporation needs new mining equipment that it buys from a manufacturer in Russia. D. Han is visiting the moon and wants to eat at his favorite restaurant, the Moonglow Bar and Grill.
Which of the following governmental actions would eliminate some or all of the inefficiency that results from monopoly pricing? The government could
a. regulate the monopoly. b. prohibited the monopoly from price discriminating. c. force the monopoly to operate at a point where its marginal revenue is equal to its marginal cost. d. None of the above would eliminate any inefficiency associated with a monopoly.
The monopolistic competitor
A. produces a good or service that has no close substitutes. B. is usually a small firm. C. has very little competition. D. is protected by substantial barriers to entry.
Referring to Figure 18.2, the dollar is likely to appreciate if the exchange rate is either ________ or ________ pesos to the dollar.
A. 10; 11 B. 11; 12 C. 12; 13 D. 13; 14