Consider a market in which each firm must predict the price and quantity decisions of other firms, as well as how those price and quantity decisions will affect the first firm's revenue and profit. This market is best described as

Refer to Table 14-8. If Brawny Juice selects a high price, what is Power Fuel's best strategy and what will Power Fuel earn as a result of this strategy?

A) Power Fuel will select a low price and earn $16 million. B) Power Fuel will select a low price and earn $8 million. C) Power Fuel will select a high price and earn $12 million. D) Power Fuel will select a high price and earn $16 million.

If international trade is restricted by the government of a country:

a. the domestic consumers are benefited. b. the domestic producers are adversely affected. c. the domestic consumers pay higher prices for imported goods. d. the resources are equally distributed among domestic and foreign producers. e. the resources are allocated to their highest paid uses.