Refer to Figure 3-1. If the product represented is an inferior good, a decrease in income would be represented by a movement from
A) A to B. B) B to A. C) D1 to D2. D) D2 to D1.
C
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Consider the following sequential move game:
a. What are the subgame perfect equilibrium strategies in this game?
b. List all possible strategies for the two players.
c. Illustrate this game in a payoff matrix.
d. Indicate the Nash equilibria in the payoff matrix from (c).
e. What makes some of the Nash equilibria not subgame perfect?
What will be an ideal response?
The main source of conflict between employers and their organized workers is over the
(a) disparities in the wages and benefits between organized and unorganized labor. (b) disparities in the wages and benefits between employers and organized workers. (c) proceeds of selling goods and services made jointly between hired labor and business owners. (d) working conditions.
Explain how both sales and long lines prior to store openings are characteristic of markets in disequilibrium
Perfect price discrimination
a. increases profits to the firm. b. increases total surplus. c. decreases consumer surplus. d. All of the above are correct.