In a Bertrand model, graphically, the intersection of all firms' best-response curves determines
A) the Nash equilibrium prices.
B) the dominant strategy for each firm.
C) the degree of product differentiation.
D) the price of the market leader.
A
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The GDP of Country X and Country Y were found to be equal in a particular year. However, the income per capita of Country X was higher than the income per capita of Country Y. This implies that ________
A) the population of Country X is higher than the population of Country Y B) the number of workers in country X is higher than the number of workers in Country Y C) the population of Country X is lower than the population of Country Y D) the number of workers in country X is lower than the number of workers in Country Y
The three curves in the above figure are
A) (1 ) the long-run aggregate supply curve, (2 ) the aggregate demand curve, and (3 ) the short-run aggregate supply curve. B) (1 ) the long-run aggregate supply curve, (2 ) the short-run aggregate supply curve, and (3 ) the aggregate demand curve. C) (1 ) the short-run aggregate supply curve, (2 ) the aggregate demand curve, and (3 ) the long-run aggregate supply curve. D) (1 ) the aggregate supply curve, (2 ) the short-run aggregate demand curve, and (3 ) the long-run aggregate demand curve.