The game in the figure shown is a version of:
This figure shows the payoffs involved when Sarah and Joe work on a school project together for a single grade. They both will enjoy a higher grade when more effort is put into the project, but they also get pleasure from goofing off and not working on the project. The payoffs can be thought of as the utility each would get from the effort they individually put forth and the grade they jointly receive.
A. a sequential game.
B. a simultaneous game.
C. a cooperative game.
D. an ultimatum.
B. a simultaneous game.
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All of the following might explain a firm offering quantity discounts except:
a. lower costs of handling large orders. b. an inelastic demand for the good. c. monopoly power in this market. d. existence of some high and some low demand consumers.
If consumers value the product-specific services for a new smartphone at $25, if retailers offer the product-specific services for the smartphone, the market ________ will ________.
A) supply; parallel shift to the right by $25 B) demand; parallel shift to the right by $25 C) demand; parallel shift to the left by $25 D) demand; parallel shift to the right by less than $25