Author Question: Firms are price makers if they A) have sufficient market power to set their product price. B) ... (Read 35 times)

burchfield96 · **on:** Jul 1, 2018

Firms are price makers if they

A) have sufficient market power to set their product price.
B) make the market price their product price.
C) make their product price competitive.
D) None of the above

Question 2

In a tit-for-tat strategy, a player

A) randomly punishes its rival.
B) ensures that the joint profit is maximized in each round.
C) copies the action of its rival's prior move in the subsequent rounds.
D) maximizes the joint profit in the game.