In what way or ways can strategies more complicated than simple actions?
a. They can be conditioned on a first mover's action.
b. They can involve random choices.
c. Both a and b.
d. Neither a or b.
c
Economics
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Suppose Guild produces 5,000 guitars per year. Its average total cost is $90, and its fixed cost is $250,000 . What is its variable cost?
a. $250,000 b. $450,000 c. $25,000 d. $56,000 e. $200,000
Economics
The demand curve facing a monopolistic firm is
A. upward sloping. B. downward sloping. C. vertical. D. horizontal.
Economics