Intense market competition is ________ for consumers, since it_______
a. Bad; erodes producer surplus
b. Bad, increases variety in the market
c. Good, increases the price level in the market
d. Good; decreases the price level in the market
d
Economics
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Suppose that there are five bottles of lemonade, each of which gives a consumer the same level of utility. According to the law of diminishing marginal utility, how can the consumer receive the highest utility?
a. Consume all five bottles in the next hour b. Consume all five bottles today c. Consume all five bottles in one day next week d. Consume two bottles today and three tomorrow e. Consume one bottle each day for the next five days
Economics
Explain the difference between a cooperative equilibrium and a noncooperative equilibrium in game theory
What will be an ideal response?
Economics