Refer to the above figure. Ajax and Greenco are oligopolists. Above you are given the payoff matrix for the two firms giving the payoff associated with different pricing strategies. What is the dominant strategy for Greenco?

A sunk cost is

A) the cost for drilling certain types of wells, such as a well for water. B) a past cost that cannot be recovered. C) a cost that is highly relevant for decision-making. D) an opportunity cost.

The basic characteristics of a pure capitalist system include the private ownership of the means of production and economic activity being coordinated through a system of markets and prices

a. True b. False Indicate whether the statement is true or false