The principle of backward induction proves that in price-fixing oligopoly games:
a. the players honor the agreement if the game is repeated.
b. the players honor the agreement if the game is played five times.
c. the players dishonor the agreement if the game is not played more than twice.
d. the players dishonor the agreement if the game is repeated a number of times, as determined prior to the start of play.
Question 2
A monopoly firm never incurs a loss as it is the sole supplier of the good in the market.
a. True
b. False
Indicate whether the statement is true or false
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Cost = $99.49; Rate of markup based on cost = 32%. Find the markup and selling price.