In the simultaneous move labor negotiation game:
a. The payoffs from bargaining hard are only higher if your opponent accommodates
b. The payoffs from bargaining hard are only higher if your opponent bargains hard
c. The payoffs are always higher if you bargain hard
d. The payoffs are always higher if your opponent bargains hard
a
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Refer to Figure 7-1. Suppose the government allows imports of leather footwear into the United States. The market price falls to $24. What area represents domestic producer surplus?
A) T + U B) V + W + X + Y C) W + X + Y D) V
If the demand for a product remains the same and the supply falls,
A) the market clearing price will fall and the equilibrium quantity will rise. B) the market clearing price will rise and the equilibrium quantity will fall. C) both the market clearing price and the equilibrium quantity will fall. D) both the market clearing price and the equilibrium quantity will rise.