Game theory can be used to investigate
A. why cartels break down.
B. why some firms maintain excess productive capacity.
C. how oligopolists set prices.
D. All of the responses are correct.
Answer: D
Economics
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In the country levying the tariff, the tariff will
A) increase both consumer and producer surplus. B) decrease both the consumer and producer surplus. C) decrease consumer surplus and increase producer surplus. D) increase consumer surplus and decrease producer surplus. E) decrease consumer surplus but leave producers surplus unchanged.
Economics
A consumer is willing to pay $5 for a ball. If the market price of the ball increases from $2 to $3, consumer surplus will _____
a. decrease by $1 b. increase by $2 c. reduce by $5 d. increase by $3
Economics