If production is given by Q = KL, doubling both inputs
a. more than doubles output.
b. exactly doubles output.
c. increases output but does not double it.
d. leaves output unchanged.
Question 2
Two games that differ only in the timing of movesone simultaneous, the other sequential movecan sometimes have completely different subgame-perfect equilibria. Why?
a. The second mover to choose non-credible threats.
b. The first mover can choose an action that it would deviate from if its action were secret.
c. Subgame-perfect equilibrium cannot be applied to simultaneous games.
d. All of the above.
Production efficiency.
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