A statement of coercion by one firm is:
A. An empty threat if it is believed by the other firm
B. A credible threat if it is not believed by the other firm
C. Always a credible threat whether or not it is believed by the other firm
D. A credible threat if it is believed by the other firm
D. A credible threat if it is believed by the other firm
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There are no quasilinear tastes that have constant elasticity of substitution.
Answer the following statement true (T) or false (F)
In a simultaneous move, incomplete information game in which player 1 is unsure of which of two types player 2 is, player 1's strategy must include an action for each possible type that player 2 might be, but player 2 only needs to pick one action since he knows what type he is.
Answer the following statement true (T) or false (F)
What information do you need to draw your budget line? What is your budget line? What does it show for any pair of goods?
What will be an ideal response?
If a firm hires a resource in a perfectly competitive resource market,
a. it must also be a price taker in the product market b. it must also be a monopolist in the product market c. it faces a horizontal marginal resource cost curve d. it faces an upward-sloping marginal resource cost curve e. it faces a downward-sloping marginal resource cost curve