The only two firms in a market are trying to decide what price to charge. The payoff matrix for this duopoly game is shown above. The payoffs are thousands of dollars of economic profit. In the above game, in the Nash equilibrium,
A) Firm A and Firm B are both making $40,000 in economic profit.
B) Firm A and Firm B are both making $55,000 in economic profit.
C) Firm A is making $60,000 and Firm B is making $55,000 in economic profit.
D) Firm A and Firm B are both making $60,000 in economic profit.
E) Firm A and Firm B are both making $35,000 in economic profit.
A
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Suppose a jar of orange marmalade that is ultimately sold to a customer at The Corner Store is produced by the following production process: Name of CompanyRevenuesCost of Purchased inputsCitrus Growers Inc.$0.750Florida Jam Company$2.00$.75The Corner Store$2.50$2.00What is the value added of The Corner Store?
A. $2.50 B. $2.00 C. $1.75 D. $0.50
The nominal GDP in Liplandis is currently $3,456 billion. If net foreign factor income increases by $400 billion, the nominal GDP will ________.
A. not change B. increase by $400 billion C. fall, but by less than $400 billion D. fall by $400 billion
According to new growth theory ________
A) ever-advancing productivity keeps the population growth rate high B) knowledge does not experience diminishing returns C) growth rates and income levels per person around the globe will converge D) knowledge is subject to the law of diminishing returns
The Bureau of Labor Statistics releases its employment report
a. on the first Friday of every month. b. on the first Friday of every quarter. c. once every four months. d. on the first Friday every two months. e. once every six months.