A frequently cited barrier to economic development is the apparent shortage of entrepreneurial activity in developing nations.
Answer the following statement true (T) or false (F)
True
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Suppose we want to use game theory to analyze how an oligopolist selects its optimal price. The cells of the payoff matrix show
A) the strategy that a firm must pursue to earn various levels of profit. B) the profit that each producer can expect to earn by pursuing a single strategy. C) the expected profits of rival firms. D) the profit that each producer can expect to earn from every combination of strategies by the firms in the market.
Suppose the production function for coffee (C) is C = min(B,W), where B = beans in pounds and W = water in gallons. Suppose the price of water is $.10 per gallon and the price of beans is $10 per pound. The expansion path is
a. B = 10W b. B = .1W c. B = W d. ?10 = B + W
A corporate merger occurs when: a. two formerly separate firms combine to become one single firm
b. one firm purchases another firm. c. two formerly separate firms decide to charge the same price for a product. d. one firm follows the exact actions of another firm.
Refer to the graph shown. Given the long-run average cost curve, the minimum efficient scale of production is:
A. 23. B. 16. C. 21. D. 18 to 21.