The above figure shows the payoff to two airlines, A and B, of serving a particular route. If the two airlines must decide simultaneously, which one of the following statements is TRUE?
A) Firm A has a dominant strategy.
B) Firm B has a dominant strategy.
C) Neither firm entering is a Nash equilibrium.
D) The outcome of the game is unpredictable.
A
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The price of a bushel of corn next year is a ________ variable because the price ________ known with certainty.
A) known; is not B) random; is C) random; is not D) known; is
The productivity growth slowdown of the late 1970s and early 1980s may have been due, in part, to the environmental and workplace safety regulations
a. True b. False Indicate whether the statement is true or false
Total utility is determined by:
a. multiplying the quantity purchased of a good by the price of the good. b. finding the additional utility gained from consuming one more unit of a product. c. summing the marginal utilities for each successive units of a product consumed. d. summing the number of units of a good consumed. e. dividing the marginal utility derived from consuming a good by its price.
The marginal tax rate refers to ______.
a. taxes applied to income from sources other than wages b. total taxes paid divided by total income c. the rate paid on the last dollar of income d. the smallest percentage of income a person has to pay in taxes