The intersection of the average variable cost curve and the marginal cost curve, which shows the price where the firm would lack enough revenue to cover its variable costs, is called the: a. Shutdown point b. Equilibrium c. Profit d. Loss Which of the following areas represents the difference in consumer surplus between a monopolistic market and a perfect competition market? MC = AC D \\MR a. Area abc. b. Area adf c. Area bode d. Area bcdf A Nash Equilibrium is the equilibrium of a game in which; a. Both players get the largest payoff amount b. Both players get the best payoff independent of what the other players choices are c. Both player, with the knowledge of what the other players possible moves are, do not have incentive to deviate from their strategy d. There is incomplete information of the game and each player makes the move that is best for them and their payoff outcomeplease provide a 2-3 sentence explanation of the correct answer and why this answer is correct. Credit will not be given for incomplete sentences or one word answers. The following game has an equilibrium that is commonly known as a Nash Equilibrium. Which strategy combination is the Nash Equilibrium for this game: Firm B Restrict Supply Increase Supply Restrict $10,000; $10,000 $4,000; $15,000 Supply Firm A Increase $15,000; $4,000 $5,000; $5,000 Supply a. Restrict supply; restrict supply b. Restrict supply; increase supply c. increase supply; restrict supply d. Increase supply; increase supply Which of these relations is always TRUE for monopolies? a. MR > D b. P > MR C. P > AC d. TR