Refer to the scenario above. In this case, a Nash equilibrium occurs if ________
A) each of them bids up to their value for the good
B) Tom and Roger bid up to their value for the good while Bill and Jeff bid below their value for the good
C) Tom and Jeff bid up to their value for the good while Roger and Bill bid below their value for the good
D) Bill and Jeff bid up to their value for the good while Tom and Roger stop bidding at $100 and $200, respectively
A
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Which of the following refers to business cycles?
a. Variations in the economy that are all equal in intensity b. Seasonal variations in the economy that occur every year c. Fluctuations in economic output that show a declining growth pattern over time d. Periodic but irregular variations in economic activity e. Fluctuations in the profits that businesses in an economy earn over a period of time
The government can potentially improve market outcomes if market inequalities or market failure exists
a. True b. False Indicate whether the statement is true or false