In the ________, two duopolists compete by simultaneously selecting price
A) Cournot model
B) Nash model
C) Bertrand model
D) kinked-demand model
E) none of the above
C
Economics
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In response to the threat of budget cuts, the Connecticut State Department of Recreation proposed shutting down many state parks and beaches. This is a good example of
a. cost efficiency in bureaus b. Niskanen's theory of budget-maximizing bureaus c. the median-voter model d. logrolling e. direct democracy
Economics
The text refers to OPEC as a classic example of a cartel. OPEC is a group of countries that collude to control prices and output in the _______ industry(ies)
a. agriculture b. engineering and computer c. airline d. oil e. machinery
Economics