If the union leader has already sent strikers to the picket line before entering negotiations, the union has
a. Eliminated half of the strategies of the game
b. Forced the firm to choose the best response in the union's best interest
c. Made it in the firm's best interest to accommodate their requests
d. All of the above
d
Economics
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In the above figure, suppose the quantity produced is 40. Then
A) the marginal social cost of the 40th unit is $1. B) the willingness to pay for the 40th unit is $2, the equilibrium price. C) production is not efficient because MSB > MSC. D) production is not efficient because MSC>MSB.
Economics
What determines how much market power a firm has?
What will be an ideal response?
Economics