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Question;The figure below presents information for a one-shot game.If this one-shot game is repeated 100 times, the Nash equilibrium payoffs of the playerswill be ________________ each period.(2, 2)(10,?8)(?8, 10)(6, 6)In the short run, the marginal cost curve crosses the average total cost curve at:a point just below the average fixed cost curve.the minimum point of the average total cost curve.the maximum point of the average total cost curve.the point where the average total cost curve and average variable cost curve intersect.A negative externality:is a payment received to parties not involved in the production or consumption of a good.is a cost borne by parties not involved in the production or consumption of a good.results from the absence of well-defined property rights.is a cost borne by parties not involved in the production or consumption of a good and results from the absence of welldefined property rights.Differentiated goods are a feature of a:perfectly competitive market.monopolistically competitive market.monopolistic market.monopolistically competitive market and monopolistic market.The optimal bid in a first-price, sealed-bid auction with independent private values is to bid:the true value of the item.more than the true value of the item.less than the true value of the item.the true value of the item and more than the true value of the item, depending upon whether value estimatesare affiliated.Other things held constant, the higher the price of a goodthe lower the producer surplus.the greater the producer surplus.the higher the supply.the lower the supplyThe figure below presents information for a one-shot game.What are the Nash equilibrium strategies for firm A and B respectively?(low price, high price)(high price, low price)(high price, high price)(low price, low price)Firms will often implement randomized pricing in an attempt to reduce:only competitor price information.only consumer price information.both customer and competitor information about price.Randomized pricing does not affect information available to consumers or competitors.A consumer's reservation price is the price at which a:consumer prefers to search rather than purchasing at the lowest observed price.consumer prefers to purchase at the lowest observed price rather than to engage in another search.consumer is indifferent between searching again and purchasing at the lowest observed price.producer is indifferent between selling the product and not selling the product.

 

Paper#56570 | Written in 18-Jul-2015

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