Assume that two firms in an oligopoly market are unable to collude. Once the Nash Equilibrium is reached
a. it is always possible for one firm to increase its profits by producing more output.
b. the two firms are jointly earning monopoly profit
c. neither firm is able to improve its outcome on its own.
d. the outcome is equivalent to a competitive equilibrium.
c
Economics
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A minimum wage policy is an example of a ________
A) price ceiling B) price floor C) positive externality D) negative externality
Economics
The following are hypothetical exchange rates: $1 = 140 yen; 1 Swiss franc = $.10. We can conclude that:
A. 1 yen = 280 Swiss francs. B. 1 yen = 14 Swiss francs. C. 1 Swiss franc = 28 yen. D. 1 Swiss franc = 14 yen.
Economics