All of the following are non-price determinants of supply except
A) costs.
B) technology.
C) income.
D) future expectations.
Question 2
The above figure shows a payoff matrix for two firms, A and B, that must choose between a high-price strategy and a low-price strategy. Both firms setting a high price is NOT a Nash equilibrium because
A) setting a high price is the dominant strategy for each firm.
B) neither firm can improve its payoff by setting a low price given that the other firm is setting a high price.
C) there is no dominant strategy for either firm.
D) both firms can improve their payoff by setting a low price given that the other firm is setting a high price.
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