Which of the following phrases would be used to describe an income amount?

Based on the answer of question 4, the payoffs for both stores will be

a. Megastore $95 and Superstore $80 b. Megastore $305 and Superstore $55 c. Megastore $65 and Superstore $285 d. Megastore $165 and Superstore $115

Market equilibrium is: a. defined as the condition in which there is neither a shortage or surplus

b. defined as the condition under which the separately formulated plans of buyers and sellers exactly mesh when tested in the market. c. represented graphically by the intersection of the supply and demand curves. d. all of the above.