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Author Question: Suppose the market demand curve for cable internet service is completely elastic. At the market ... (Read 144 times)

OSWALD

  • Hero Member
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  • Posts: 580
on: Jul 1, 2018
Suppose the market demand curve for cable internet service is completely elastic. At the market equilibrium price under perfect competition, the consumer surplus in this market equals:
 
  A) total consumer expenditures.
  B) total sales revenue.
  C) zero.
  D) an amount slightly more than total consumer expenditure.

Question 2

A maximin strategy
 
  A) maximizes the minimum gain that can be earned.
  B) maximizes the gain of one player, but minimizes the gain of the opponent.
  C) minimizes the maximum gain that can be earned.
  D) involves a random choice between two strategies, one which maximizes potential gain and one which minimizes potential loss.


anoriega3

  • Sr. Member
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Reply #1 on: Jul 1, 2018
Answer to Question 1

C

Answer to Question 2

A


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