The shutdown point occurs at the level of output for which the [value1] curve is [value2].

                                                                   Firm 1 ​ ​ Sells Gives away ​ Sells 1: $12: $1 1: $32: $4 Firm 2 ​ ​ ​ ​ Gives away 1: $42: $5 1: $22: $2 Two software firms have developed an identical new software application. They are debating whether to give the new app away free and then sell add-ons or sell the application at $30 a copy. The payoff matrix is above and the payoffs are profits in millions of dollars. The Nash equilibrium in this game is Firm 1 [value1] and Firm 2 [value2] the software application.

The primary characteristics of game theory include Choose all that apply.

Quantity of bottled water Marginal utility from bottled water Quantity of hamburgers Marginal utility from hamburgers 1 35 1 20 2 25 2 18 3 16 3 17 4 10 4 10 5 5 5 8 6 4 6 7 Given the data in the above table, income of $10, a price of $1 for a bottle of water and $2 for a hamburger. As a result you will consume [value1] bottles of water and [value2] hamburgers.

Suppose firms can produce coffee or tea. If the price of tea increases today and consumers expect coffee to become more expensive next month, the equilibrium price of coffee [value1] and the equilibrium quantity of coffee [value2].

The more ________, the larger is the amount of the tax on the good that the ________ pays.

Quantity of bottled water Marginal utility from bottled water Quantity of hamburgers Marginal utility from hamburgers 1 25 1 30 2 18 2 22 3 10 3 12 4 6 4 8 5 4 5 6 6 1 6 5 Given the data in the above table, income of $20, a price of $1 for a bottle of water and $4 for a hamburger. As a result you will consume [value1] bottles of water and [value2] hamburgers.

The firms in a perfectly competitive market are making an economic profit when new firms enter. The entry shifts the short run market supply curve [value1], the market price [value2], and each firm’s economic profit [value3].

When a perfectly competitive market is in its long-run equilibrium, those firms’ amount of economic profit will

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