This oligopolist is a ____.
A. cut-throat competitor making a profit
B. cut-throat competitor taking a loss
C. colluder making a profit
D. colluder taking a loss
A. cut-throat competitor making a profit
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Economists use models in order to
A. get around having to deal with actual facts. B. understand real-life events and predict outcomes. C. avoid having to use theories to understand economic conditions. D. help elect political candidates.
When an employer has a right to hire anyone, but every nonunion worker hired must join the union within a certain period of time, this is
a. illegal b. a union shop c. a closed shop d. an elastic shop e. a strike
When real interest rates fall in the United States relative to interest rates in Japan, the yen appreciates and the dollar depreciates
Indicate whether the statement is true or false
Refer to the below table. When this game reaches a Nash equilibrium, the payoffs will be
Answer the question based on the following payoff matrix for a duopoly in which the numbers indicate the profit from following either an international strategy or a national strategy.
A. $3M for both firms.
B. $17M for both firms.
C. $15 for firm A and $5 for firm B.
D. $5 for firm A and $15 for firm B.