Using the data in the table above, the equilibrium quantity and equilibrium price for a cellular telephone is
A) 50,000 and $100.
B) 80,000 and $80.
C) 60,000 and $50.
D) 40,000 and $20.
E) 100,000 and $20.
C
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Suppose that a large country imposes optimal tariffs on imports from another large country. The second country then responds with optimal tariffs on imports from the first country. For these two countries, the Nash equilibrium results in ___________ for the first country and __________ for the second country.
a. losses; losses b. gains; gains c. losses; gains d. gains; losses
Which of the following is a similarity between a first-price sealed-bid auction and a Dutch auction?
A) Bids are placed privately in both the auctions. B) Bids are placed publicly in both the auctions. C) Bidders place their bids simultaneously in both the auctions. D) The winner pays an amount equal to his bid in both the auctions.