Suppose Thelma and Louise both sell fried green tomatoes in a perfectly competitive market. If Louise increases her output,

Refer to Figure 4.2. Use best-response analysis to answer the following question

If Ferris's choice placed us in the bowling alley, Sloane's best response, depending on the column she finds herself in, would include choosing all of the following cells except the one located at the ________ section of the appropriate payoff matrix. A) upper right B) upper left C) lower right D) lower left

If total production is less than total expenditures, then business firms

A) have overproduced. B) will cut back on production. C) will raise production. D) will experience increases in inventory. E) a and d