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Author Question: Refer to the scenario above. The winner of this auction will earn a surplus of ________ if he/she ... (Read 51 times)

yoroshambo

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on: Jun 29, 2018
Refer to the scenario above. The winner of this auction will earn a surplus of ________ if he/she follows his/her dominant strategy.
 
  A) 100
  B) 50
  C) 400
  D) 200

Question 2

What determines the success of a cartel?
 
  What will be an ideal response?


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ApricotDream

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Reply #1 on: Jun 29, 2018
Answer to Question 1

B

Answer to Question 2

There are two important considerations that determine how successful a collusive arrangement is: the detection and punishment of cheaters and the long-term value of the market in which the colluding firms operate.


yoroshambo

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Reply 2 on: Jun 29, 2018
Thanks for the timely response, appreciate it

billybob123

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Reply 3 on: Yesterday
YES! Correct, THANKS for helping me on my review

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