Blog

Suppose George Michael frequently buys bananas from Jorge Miguel and Jorge Miguel always delivers the bananas directly to George Michael’s froze banana stand. If George Michael sends Jorge Miguel an offer that says, “I offer to purchase 1,000 bananas for $250,” Jorge Miguel’s obligation to deliver the bananas to the frozen banana stand is a(n) _________________.

Each of the following is an exception to the consideration requirement, except which one?

When someone is making an offer to enter into a contract, the offer becomes effective when __________.

The long-run equilibrium position of the monopolistically competitive firm occurs at a point where average costs are

Refer to the diagram for a monopolistically competitive producer. This firm is experiencing

Refer to the game theory matrix, where the numerical data show the profits resulting from alternative combinations of advertising strategies for Ajax and Acme. Ajax’s profits are shown in the upper right part of each cell; Acme’s profits are shown in the lower left. With collusion and no cheating, the outcome of the game is cell

Firm Market Share (%) A 20 B 20 C 20 D 20 E 10 F 10 Refer to the data. If all the firms in the industry merged into a single firm, the Herfindahl index would become

If the four-firm concentration ratio for industry X is 60,

In monopolistically competitive markets, resources are

Answer the question based on the payoff matrices for a repeated game involving two firms that are considering introducing new products to the market. The numbers indicate the profit from following either a strategy to introduce a new product or a strategy to not introduce a new product.First game.Second game.In the first game, if firm B doesn’t introduce a new product and firm A does, then firm A would be better off if