Refer to figure 14 4 what is the difference between

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51) Refer to Figure 14 - 4. What is the difference between the monopoly output and the perfectly competitive output? 51) A) 140 units B) 240 units C) 340 units D) 560 units
52) Refer to Figure 14 - 4. What is the difference between the monopoly's price and perfectly competitive industry's price? 52)
53) Why does a monopoly cause a deadweight loss? 53)
54) Relative to a perfectly competitive market, a monopoly results in 54)
55) The study of how people make decisions in situations where attaining their goals depends on their interactions with others is called 55) A) game theory. B) Nash equilibrium. C) the prisoners' dilemma. D) dominant strategy equilibrium.
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56) A Nash equilibrium is 56)
Table 13 - 1 Alistair Luggage and Baine Baggage are the only firms selling window treatments in the upscale town of Montecito. Each firm must decide on whether to increase its advertising spending to compete for customers. If one firm increases its advertising budget but the other does not, then the firm with the higher advertising budget will increase its profit. Table 13 - shows the payoff matrix for this advertising game. 57) Refer to Table 13 - 1. If Alistair assumes that Baine would increase its advertising budget, what should it do? 1 57)

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