Refer to the game between James and Theodore depicted in Figure 12.1. Which of the following is true?
A. If James chooses Up, Theodore's best response is to choose Left.
B. If James chooses Down, Theodore's best response is to choose Left.
C. If Theodore chooses Left, James's best response is to choose Up.
D. If Theodore chooses Right, James's best response is to choose Up.
B. If James chooses Down, Theodore's best response is to choose Left.
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If price is set equal to marginal cost when marginal cost is below ATC, the firm will receive a profit greater than profit earned when marginal cost is above ATC
Indicate whether the statement is true or false
One could argue that price ceilings should not be placed on the goods sold at the high price "Quick Stop Shop" stores for all of the following reasons except:
a. cash price is not true price b. convenience has a value c. time has a value d. the price of gasoline sold at the store is already controlled e. check out is fast at the "Quick Stop Shop"