For many products, such as fast foods, a variety of prices can be found, but sellers with higher prices can expect to sell their products because
A) arbitrage will quickly eliminate price differences.
B) their demand is perfectly inelastic.
C) firms differentiate products in many ways, for example, higher-priced fast food restaurants may offer better service.
D) consumers are not sensitive to prices.
Question 2
A game in which each player adopts its dominant strategy
A) will not lead to an equilibrium. B) can never result in a Nash equilibrium.
C) could result in a Nash equilibrium. D) must be a cooperative game.
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