With homogenous products and firms with the same

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13. With homogenous products and firms with the same constant marginal cost and no fixed costs, total output in a Betrand equilibrium is: a) Equal to the competitive output. b) Equal to the monopoly output. c) Between the monopoly and competitive output. d) None of the above. 14. Consider the following payoff matrix for a game played by Players A and B: Player B Make Long Boards (LB) Make Short Boards (SB) Make Long Boards (LB) 30, 30 25, 35 Player A Make Short (SB) 35, 25 20, 20
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7 15. Convert the following game for two companies (A and B) choosing whether to sell air conditioners or heaters into sequential form with A moving first. Then identify the statement that is correct from the list below. Firm B Air Conditioner Heater Air Conditioner -3, 2 4, 8 Firm A Heater 10, 3 1, 4 16. Consider the following statements about game theory . Which statement is correct? Player B Left Right Up 101, 101 200, 50 Player A Down 50, 200 1000, 1000
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