A price floor is the minimum price that consumers have to pay for a particular product

Suppose we want to use game theory to analyze how an oligopolist selects its optimal price. The cells of the payoff matrix show

A) the strategy that a firm must pursue to earn various levels of profit. B) the profit that each producer can expect to earn by pursuing a single strategy. C) the expected profits of rival firms. D) the profit that each producer can expect to earn from every combination of strategies by the firms in the market.

As price falls along a given demand curve for pretzels,

a. quantity demanded, total utility, marginal utility, and consumer surplus increase; consumer expenditure decreases b. quantity demanded, total utility, and consumer surplus increase; marginal utility and consumer surplus decrease c. quantity demanded, total utility, consumer surplus, and consumer expenditure increase; marginal utility decreases d. quantity demanded, total utility, and consumer surplus increase; marginal utility decreases; consumer expenditure might increase, decrease, or remain constant e. quantity demanded, total utility, marginal utility, consumer surplus, and consumer expenditure all increase