1. The advantage of game theory is that it allows us to focus on _____ a. each...
Question:
1. The advantage of game theory is that it allows us to focus on _____
a. each firm’s incentive to charge a higher price for its product.
b. the relationship between business and ethics in a market.
c. the costs and benefits of government regulation in a market.
d. the market share of each firm in a market.
e. each firm's incentives to cooperate or not to cooperate.
2. If a union negotiates a wage floor above the market equilibrium, each firm hiring union members faces _____
a. | a perfectly elastic demand curve for labor. | |
b. | a perfectly inelastic supply curve for labor. | |
c. | a perfectly elastic supply curve for labor. | |
d. | unit elastic demand curve for labor. | |
e. | a perfectly inelastic demand curve for labor. |
Microeconomics
ISBN: 978-0321866349
14th canadian Edition
Authors: Christopher T.S. Ragan, Richard G Lipsey