Relative to a simultaneous-move situation, the loss to firm C from having to move second in the game in Scenario 13.14, would be
A) 37.
B) 20.
C) 12.
D) 8.
E) 5.
C
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The marginal social cost of a good or service is the cost borne by the producer
Indicate whether the statement is true or false
The recession that set in after December 2007 can be attributed to: a. an increase in expenditure on war
b. a decline in home prices and an increase in foreclosures. c. an increase in terrorist activities. d. crop failures around the world. e. an increase in oil prices in the international market.
Larissa is a famous courtroom attorney. She charges clients $300 per hour for her legal services. Last year she earned $450,000 . This year, she raised her price to $350 per hour and her income increased to $490,000 . Which of the following is most likely to represent the price elasticity of demand for Larissa's legal services?
a. It is approximately 2.30. b. It is approximately 1.60. c. It is approximately 1.00. d. It is approximately 0.45. e. It is approximately 6.10.
What is the relationship between price elasticity of demand and total revenue for the firm?
What will be an ideal response?