1.The Nash equilibrium of this game is:
Low, Up.
High, Down.
High, Up.
Low, Down
price will always equal marginal cost.
3.If a firm has market (monopoly) power but cannot prevent its customers from reselling the product to other customers, the firm will:
engage in second-degree price discrimination.
produce a quantity of output at which price equals marginal cost.
engage in first-degree price discrimination.
produce a quantity of output at which marginal revenue equals marginal cost.
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