A) the total net gain to consumers and producers from trading in the market I. p

Question

A) the total net gain to consumers and producers from trading in the market I. product differentiation 2. producer surplus B) this occurs when each player in a game chooses the action that maximizes their payoff given the actions of other players, ignoring the effects of their action on the payoffs received by those other players 3. average cost pricing- C) a player's best action regardless of the action taken by another player 4. total surplus 5. prisoners D) refers to both individual and total consumer surplus dilemma- E) a form of price regulation that forces a monopoly to set its price equal to its average total cost 6. natural monopoly F) when no one firm has a monopoly, but producers can nonetheless realize that they can affect market prices 7. imperfect competition 8. consumer surplussame good 9. payoff matrix 10. price G) when sellers charge different prices to different consumers for the H) an agreement among several producers to obey output restrictions in order to increase joint profits I) an attempt by a firm to convince buyers that its product is different from the products of other firms in the industry discrimination- 11. Nash equilibrium 12. dominant strategy- 13. marginal cost J) refers to both individual and total producer surplus K) shows how the payoff to each of the participants in a two-player game depends on the actions of both players pricing 14. cartel 15. network L) a form of price regulation that forces a monopoly to set its price equal to its marginal cost M) a game where each player has an incentive to choose an action that benefits itself at the other player's expense, and that where both players act in this way, they are worse off than if they would have cooperated xternality N) when increasing returns to scale provide a large cost advantage to a single firm that produces all of an industry's output O) this exists when the value of a good or service to an individual is greater when many other people use the good or service as well

Explanation / Answer

1.I (It happens in monopolistic competitions where sellers do product differentiation)

2.J ( it can be on an individual basis or total producer basis in the market)

3.E (It is the regulation upon monopoly where P = ATC)

4.A ( it is the sum of the consumer and producer surplus).

5.K

6.N ( It takes place due to economy of scale and huge fixed cost advantage in the industry)

7.F ( it is a scenario between perfect competition and monopoly)

8.D (it can be on an individual basis or total consumers basis in the market)

9.K

10.G (It happens in the monopoly when different prices to different consumers for the same good is charged).

11.C

12.B

13.L (It is the regulation upon monopoly where P = MC)

14.H ( A tendency among the oligopolist firms to form a group and restrict the supply of goods to create artificial shortage and then raise the price)

15.O (It is the case of network externality).

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