A merger between a firm manufacturing radios and a firm manufacturing paper products is a

Refer to Figure 8.1. If each player cooperated with one another rather than playing their dominant strategies, the economic pie would grow by

A) $0. B) $280. C) $490. D) $560.

The implicit cost incurred by a firm to use its resources to produce its output is the firm's

A) total cost. B) explicit cost. C) opportunity cost. D) accounting cost.