Author Question: What criteria do consumers apply when deciding whether or not to consume a. The consumer would ... (Read 35 times)

geoffrey · **on:** Jul 1, 2018

What criteria do consumers apply when deciding whether or not to consume
a. The consumer would consume only if the price is lower than his highest willingness to pay
b. The consumer would only consume if his surplus is greater than zero
c. The consumer would only consume if the price is higher than his highest willingness to pay
d. Both A&B

Question 2

What is the Nash equilibrium of this simultaneous game?
a. Steal, Vigilant
b. Steal, Not vigilant
c. Not steal, Vigilant
d. The game has no Nash equilibrium