A Nash equilibrium occurs when
A) players choose their best strategy given the strategies chosen by others.
B) the efficient allocation of resources is achieved by setting marginal revenue equal to marginal cost.
C) a monopolist is forced to produce the efficient level of output.
D) oligopolists cooperate with each other.
A
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Barriers that prevent the entry of new firms may arise because: a. economies of scale exist over a substantial range of industry demand. b. marginal revenue is less than average total cost
c. the government protects some firms from competition. d. of both (a) and (c).
Refer to the information provided in Figure 6.13 below to answer the question(s) that follow.
Figure 6.13Refer to Figure 6.13. Assume Ellen has two products available, pizza and hamburgers. Ellen must be compensated with more pizzas as she gives up more hamburgers. The curve in Panel ________ represents her indifference curve.
A. A B. B C. C D. D