Author Question: When all players are choosing their best strategies on the assumption that their opponents are doing ... (Read 37 times)

cool · **on:** Jun 30, 2018

When all players are choosing their best strategies on the assumption that their opponents are doing likewise, the outcome is called:
a. a Stackelberg equilibrium.
b. a Nash equilibrium.
c. a Cournot equilibrium.
d. a Bertrand equilibrium.

Question 2

Monopolistic competition is characterized by:
a. homogeneous products.
b. barriers to entry.
c. firms earning economic profits in the long run.
d. differentiated products.