The conditions in which vertical relationships can enhance a firm's ability to price discriminate include
a. the manufacturer's product is of value to just one type of customer
b. the costs of arbitraging the price difference across markets is large
c. the manufacturer acquires the distributer in the higher priced market
d. lack of competition provides the manufacturer with the ability to price above marginal cost
d
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Nash equilibrium is:
a. where one player maximizes his payoff and the other doesn't b. when each player's strategy is the best response to the other player's strategy c. where the outcome is always efficient d. difficult to determine
What is asymmetric information? Describe with examples
_______________________ specifies the relation between technology and the factor inputs to output
A) Neoclassical growth theory B) Meta-ideas C) The LRAS curve D) A production function
In the real world, it costs money to move products from one country to another, but Ricardo's model does not address these ______ costs
Fill in the blank(s) with the appropriate word(s).