The equilibrium quantity of Smids would be found by
a. choosing a quantity that generated the highest market price
b. setting price equal to the revenue target desired by firms
c. solving for the price that generates the maximum revenue for sellers
d. choosing the quantity desired by consumers and working backward to solve for theprice associated with that quantity
e. determining the price and quantity where the demand and supply curves intersect
E
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According to your textbook, the notion of price "gouging" is problematic because
A) the higher prices are normally the result of decreases in supply and increases in demand. B) economists believe higher prices are always better than lower prices. C) economists want businesses to make high profits. D) None of the above.
In the strategic sequential labor negotiation game:
a. The first mover has an advantage b. The second mover has an advantage c. There is no advantage to either mover d. None of the above