Refer to Table 14-3. What is the Nash equilibrium in this game?
A) In the Nash equilibrium both Saudi Arabia and Nigeria produce a low output and earn a profit of 100 million and 20 million respectively.
B) In the Nash equilibrium Saudi Arabia produces a low output and earns a profit of 80 million and Nigeria produces a high output and earns a profit of 30 million.
C) In the Nash equilibrium both Saudi Arabia and Nigeria produce a high output and earn a profit of 60 million and 20 million respectively.
D) There is no Nash equilibrium.
Question 2
If the average variable cost curve is above the marginal cost curve, then
A) marginal costs must be decreasing.
B) average variable costs must be increasing.
C) marginal costs can be either increasing or decreasing.
D) marginal costs must be increasing.
A comparison of gradualism and punctuated equilibrium.
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