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Author Question: Game theory is used in a number of areas in economics. What is the primary reason that it is used in ... (Read 38 times)

BrownTown3

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on: Jun 30, 2018
Game theory is used in a number of areas in economics. What is the primary reason that it is used in analyzing oligopoly type market structures?
 a. The firms are producing a similar product
  b. The firms are producing differentiated products
  c. The demand curve facing the oligopolistic firms is perfectly inelastic
  d. The mutual interdependence of firms in industries with a small number of firms
  e. The demand curve the oligopolistic firm faces is downward sloping

Question 2

Rents represent earnings that
 a. exceed marginal cost
  b. are less than marginal revenue product
  c. are less than what producers would require to supply products
  d. exceed opportunity revenue
  e. exceed opportunity cost


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Jody Vaughn

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Reply #1 on: Jun 30, 2018
Answer to Question 1

D

Answer to Question 2

E


BrownTown3

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Reply 2 on: Jun 30, 2018
Great answer, keep it coming :)

gcook

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Reply 3 on: Yesterday
Thanks for the timely response, appreciate it

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