Which of the following is an example of a situation that would create an oligopoly?
a. Boron InfoTech installs fiber optic cables throughout the community so that adding new customers incurs very little marginal cost.
b. Aaron Super-sports has patented a super-grip glove that can be used for hiking
c. AquaHuman Mineral Water can only produce two-fifths of the market demand at the minimum point of the average total cost curve.
d. Finch Brothers, a publishing house, holds the copyright for a popular superhero trilogy.
c
Economics
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Of the five game types described in this chapter (prisoner's dilemma, pure coordination, assurance, battle of the sexes, chicken), which have a dominant strategy and which have more than one Nash equilibrium in a two-player game?
What will be an ideal response?
Economics
At the equilibrium level of real GDP, total production equals total:
a. saving. b. investment. c. net exports. d. spending.
Economics