Refer to above figure, which represents a duopoly industry. What would be the likely total industry payoff or profit?
A) $8 million
B) $9 million
C) $10 million
D) $14 million
E) zero
A
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Suppose Bright Orange is large firm that grows and harvests oranges. Each orange yields 2 ounces of orange juice and exactly one orange peel. Bright Orange sells the orange juice to juice distributors and the orange peels to fragrance companies. The market demand for Bright Orange's oranges is equal to ________.
A) the demand for orange peels only B) the demand for orange juice plus the demand for orange peels C) the demand for orange juice only D) the difference between the demand for orange peels and orange juice
What is the value of the intra-industry trade index for an industry in which exports are $100 million and imports are $100 million?
a. 100/200 = 0.50 b. (100 + 100)/100 = 2.00 c. 100/[1/2 × (100 + 100)] = 1.00 d. (100 - 100)/100 = 0.00
If the commercial is TRUE that every additional bite of food tastes as good as the first, the marginal utility from consuming more of the advertised product must be
A. decreasing. B. constant. C. zero. D. increasing.
Salaries of NFL quarterbacks, like Tom Brady, are
A. too high. B. the result of perfectly competitive markets. C. related to the additional revenues team owners expect to enjoy as a result of having them on the team roster. D. All of the above are correct.