Which of the following clearly restricts competition?
A) A government policy restricting entry into the market
B) A government policy that reduces tariffs on foreign imports
C) A business sets price below cost.
D) A business sets price above cost.
E) Any business pricing scheme that successfully draws customers away from its rivals
A
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Kyle and Stan are playing Odds or Evens, where Kyle is designated as the "odd" player and Stan is designated as the "even" player. They decide to play the game 10 times. At the mixed-strategy equilibrium in this zero-sum game,
A) each player's expected payoff equals zero. B) one player earns all possible points and the other player earns zero points. C) one player's payoff is positive and the other player's payoff is negative. D) There is never an equilibrium in a zero-sum game.
In a market with a rent ceiling set below the equilibrium rent, the producer and consumer surplus
A) both increase. B) both decrease, but generally not to zero. C) do not change. D) are eliminated. E) are both totally converted into deadweight loss.