Which of the following games provides the best way to model price wars?
A) a repeated duopoly game
B) a game of chicken
C) a sequential entry game in a noncontestable market
D) a sequential entry game in a contestable market
A
Economics
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When a consumer's willingness to buy a good or service is influenced by the number of people who have purchased that good or service, this is called
A) a switching cost. B) an opportunity cost. C) a network effect. D) an advertising gimmick.
Economics
The cheapest way to produce a certain amount of output may vary between the short and long-run because:
a. all inputs can be adjusted in the long run. b. all inputs can be adjusted in the short run. c. input prices are fixed in the short run. d. prices increase over the long-run.
Economics