Equilibrium price and quantity are determined by:

For a perfectly competitive firm, profit maximization occurs when output is such that

A) total revenue (TR) is maximized. B) total cost (TC) is minimized. C) marginal revenue (MR) = marginal cost (MC). D) average total cost (ATC) is minimized. E) total revenue (TR) equals total cost (TC).

Two players are playing a game. Player 1 is given $100 and is asked to offer a certain share of the money to Player 2. Player 2 can then choose to accept or reject the offer

If he accepts the offer, the money will be split between the two players in the ratio as decided by Player 1. If he rejects the offer, neither of the players will get anything. a) Assume that both players prefer more money to less. How would Player 1 choose his optimal strategy in this case? b) If Player 2 prefers fairness to money, how will his decision change?