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
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Rapidly decreasing sequence costs have enabled the rapid expansion