If player R moves first in the game in Scenario 13.14, the equilibrium will
A) not be different from what it is in the simultaneous-move scenario.
B) be to R's detriment because it will not be able to react to C's choice.
C) be one in which R chooses 50 and C chooses 150.
D) be one in which R chooses 100 and C chooses 50.
E) be one in which R chooses 150 and C chooses 50.
E
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A patent is a government granted exclusive right to sell a product for a period of time.
Answer the following statement true (T) or false (F)
Predatory pricing occurs when a monopolist charges a:
A. price above average total cost. B. price above average variable cost. C. low price to drive out competition, then charges a high price. D. high price to drive out competition, then charges a low price.
Economists who believe in activist policymaking argue that
A. only planned changes in the money supply impact the economy. B. decreases in aggregate demand definitely impact the economy in the short run. C. decreases in aggregate demand impact the economy only in the long run. D. only increases in the minimum wage levels improve economic well-being.
If price were set by the government at $3, there would be a price _____________, that would cause a ___________ of _______ units.
A. floor; surplus; 12
B. floor; shortage; 12
C. ceiling; surplus; 14
D. ceiling; shortage; 14