In a zero-sum game, ________
A) each player earns a zero payoff irrespective of the strategy one chooses
B) each player has a dominant strategy
C) each player chooses a pure strategy
D) one player's loss is another player's gain
D
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All of the following are problems associated with maintaining a cartel except that:
a. cartels are illegal. b. a large amount of information is needed to coordinate a cartel. c. profits are not maximized by a cartel so it will evolve into a monopoly. d. each member of the cartel has an incentive to "chisel" by expanding output.
A concentration ratio is the ratio of
a. market share to the number of firms in an industry b. total sales to the number of firms in an industry c. large firms to small firms in an industry d. total sales of the leading firms to total sales in the industry e. total profits of the leading firms to total profits in the industry