The product supplied by a monopoly firm has
a. a few substitutes.
b. no close substitutes.
c. a large number of substitutes.
d. two or three close substitutes.
b
Economics
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When a bargaining solution is reached
A) each player receives a net surplus greater than or equal to zero. B) we have a Nash equilibrium. C) the sum of the net surpluses is the Nash product. D) Both A and C.
Economics
What is a good argument for using the model of the consumer despite the fact that it requires making many simplifying assumptions?
A) It is complex to solve. B) The assumptions are sometimes realistic. C) It explains observed patterns of behavior. D) It is used in many scholarly fields.
Economics