The Stackelberg outcome differs from the Cournot equilibrium because:
a. the games involve different strategic variables.
b. the first mover can commit to an output off its best-response function.
c. quantity supplied is not equal to quantity demanded at the prevailing price.
d. it's not a perfectly competitive outcome.
b
Economics
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In the national income accounts, the purchase of a new house counts as
A) consumption expenditure. B) investment. C) a transfer. D) an addition to inventory.
Economics
A production possibilities curve shows the relationship between the production of which two items?
(A) Farm goods and factory goods only. (B) Any two categories of goods. (C) Two types of factory goods only. (D) Two types of farm goods only.
Economics