When a firm relies on social media ads to reach potential customers, the firm is engaging in

Refer to Table 5.1. What is Andrea's opportunity cost of producing one tiara?

A) 1/6 of a bracelet B) 2/3 of a bracelet C) 3 bracelets D) 6 bracelets

Economists use game theory to analyze oligopolies because

A) real markets are too complicated to analyze without using games. B) it is more enjoyable for economists and students to learn by playing games. C) game theory helps us to understand why interactions among firms are crucial in determining profitable business strategies. D) game theory is useful in understanding the actions of firms that are price takers.