Refer to the scenario above. In this case, a Nash equilibrium occurs if ________.
A) each of them bids up to their value for the good
B) Tom and Roger bid up to their value for the good while Bill and Jeff bid below their value for the good
C) Tom and Jeff bid up to their value for the good while Roger and Bill bid below their value for the good
D) Bill and Jeff bid up to their value for the good while Tom and Roger stop bidding at 100 and 200, respectively
Question 2
Suppose the market-clearing price of wheat is 2.50 per bushel. What would happen if wheat farmers persuaded the government to set a legally-mandated price support of 3.75 per bushel?
A) The quantity demanded of wheat would fall.
B) The quantity supplied of wheat would rise.
C) A surplus of wheat would occur.
D) All of the above.
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