The Nash equilibrium for the game is
a. For both stores to advertise
b. For megastore to advertise and for superstore not to advertise
c. For megastore not to advertise and for superstore to advertise
d. For both stores to not advertise
a
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The process by which union and management representatives negotiate a mutually agreeable contract specifying wages, benefits, and working conditions is called
a. collective bargaining b. mediation c. arbitration d. striking e. litigation
Jimmy's Bakery has an absolute advantage in producing bagels. Which of the following is true of the bakery? a. It produces bagels at a lower opportunity cost than other bakeries
b. It uses more inputs in the production of bagels than other bakeries. c. It is able to produce bagels at a lower production cost than other bakeries. d. It experiences diseconomies of scale in the production of bagels.