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Author Question: The area above the market supply curve and below the market price A) is equal to the total cost ... (Read 144 times)

Kthamas

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on: Jun 29, 2018
The area above the market supply curve and below the market price
 
  A) is equal to the total cost of production.
  B) is equal to the total amount of producer surplus in a market.
  C) is equal to the total amount of economic surplus in a market.
  D) is equal to the marginal cost of the last unit produced.

Question 2

What is game theory?
 
  What will be an ideal response?
InMicro ¦ Hubbard, O'Brien ¦ 1st Edition
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snackralk

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Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

Game theory analyzes oligopolistic behavior as a complex series of strategic moves and reactive countermoves among rival firms. In game theory, firms are assumed to anticipate rival reactions.


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