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1. Negotiations and binding contracts are not possible between rivals in:
a) noncooperative games
b) cooperative games
c) cartels
d) single firm monopolies.
2. The learning effect is one form of:
a)diversification
b) creating value through increasing transactions costs
c) creating value through stabilizing transactions costs,
d) creating value through decreasing transactions costs
Which price constitutes firm 2's optimal commitment strategy? Justify your answer and explain why it makes sense.
When a firm focuses on increasing profitability by customizing the firm's good or services so that they provide a good match to tastes in different national markets, it is pursuing A Localization strategy.
While sitting in your office one evening, you start to think about some of the key microeconomic messages you wish to communicate to the Board.
The output effect of an increase in the wage comes about because higher wages:
Firms like Papa John's, Domino's, and Pizza Hut sell pizza and other products which are differentiated in nature. While numerous pizza chains exist in most locations, the differentiated nature of such firms products permits them to charge prices a..
According to the rule for optimal input usage, a firm should hire a person as long as her marginal revenue product is greater than her marginal cost to the company.
When do assumptions create in conjunction with economic theorizing have to become realistic? Can unrealistic assumptions provide useful outcomes?
Suppose labor costs are 17.5% of revenue per vehicle for General Motors. In union negotiations throughout the late 1990s, GM attempted to cut its workforce to increase productivity.
WHAT FACTORS AFFECTED NATIONAL INCOME, UNEMPLOYMEY RATE AND INFLATION RATE WHAT FACTORS EFFECT EACH OF THESE ECONOMIC VARIABLES?
Based upon marginal revenue or marginal cost analysis, explain how output and price are determined in monopolistically competitive markets.
Assume the following was overheard at the water cooler: "I think our medical device company should take advantage of economies of scale by increasing our output, thereby spreading out our overhead costs."
The price of Burger King's Whopper hamburger declines and mcDonald's distributes coupons for $1.00 off the purchase of a Big Mac.
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