Refer to the payoff matrix below. If Best Lights and Bright Lights both know that the above game will be played exactly four times, which of the following will be the outcome of the game in each of the four periods?
A) Set High Price/Set High Price
B) Set Low Price/Set High Price
C) Set High Price/Set Low Price
D) Set Low Price/Set Low Price
D) Set Low Price/Set Low Price
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Your roommate tells you she's going to join the gym next week. A week and a half goes by and you ask her how the gym is going, and she tells you she's going to wait until the following week. Your roommate's preferences are:
A. better today than tomorrow. B. mistakes. C. time inconsistent. D. considered bad choices.
In a competitive market illustrated by the diagram below, a price floor of $25 per unit will result in:
A. A shortage of 200 units
B. A surplus of 200 units
C. A surplus of 250 units
D. A shortage of 250 units
Recall the Application about the production of coffee in China to answer the following question(s).According to the Application, farmers in the city of Pu'er, China currently earn more growing ________ than they do growing ________.
A. tea; coffee B. rice; coffee C. coffee; tea D. rice; tea
For which of the following firms is patent protection of vital importance?
A) furniture producers B) software firms C) pharmaceutical firms D) auto makers