The firm's expansion path records: a. profit-maximizing output ...

[123654777]

The firm's expansion path records:
 a. profit-maximizing output choices for every possible price.
  b. cost-minimizing input choices for all possible output levels for when input rental rates expand along with production.
  c. cost-minimizing input choices for all possible output levels for a fixed set of input prices.
  d. cost-minimizing input choices for profit-maximizing output levels.

Question 2

To trust a potential cooperator until the first defection and then never cooperate thereafter is
 a. a dominant strategy
  b. an irrational strategy
  c. a grim trigger strategy
  d. a non-cooperative finite game strategy
  e. a subgame imperfect strategy

[pami445]

Answer to Question 1

c

Answer to Question 2

c