All of the following are non-price determinants of supply except ...

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All of the following are non-price determinants of supply except
 
  A) costs.
  B) technology.
  C) income.
  D) future expectations.

Question 2

The above figure shows a payoff matrix for two firms, A and B, that must choose between a high-price strategy and a low-price strategy. Both firms setting a high price is NOT a Nash equilibrium because
 
  A) setting a high price is the dominant strategy for each firm.
  B) neither firm can improve its payoff by setting a low price given that the other firm is setting a high price.
  C) there is no dominant strategy for either firm.
  D) both firms can improve their payoff by setting a low price given that the other firm is setting a high price.

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Answer to Question 1

C

Answer to Question 2

D