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Author Question: A gas station opened up on the highway in a patch where there are no gas stations close by. It is ... (Read 67 times)

a0266361136

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on: Jul 1, 2018
A gas station opened up on the highway in a patch where there are no gas stations close by. It is more likely to be able to set higher prices because
 a. the demand for its product is more inelastic due to an unavailability of substitutes
  b. the demand for its product is more elastic due to an unavailability of substitutes
  c. the demand for its product is more inelastic due to an availability of substitutes
  d. the demand for its product is more elastic due to an availability of substitutes

Question 2

What is the Nash equilibrium of this game?
 a. Cheat, Cheat
 b. Not cheat, Not cheat
 c. Sam cheats, Sarah doesn't
  d. Sarah cheats, Sam doesn't


aburgess

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Reply #1 on: Jul 1, 2018
Answer to Question 1

a

Answer to Question 2

a


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