Answer: False
Explanation:
A perfectly competitive market has the following characteristics,
a. Free entry and Exit
b. Sellers sell identical goods and services
c. Sellers and buyers are price takers
d. Many buyers and sellers
e. Perfect information
Gas and Electricity do not exhibit the two primary characteristics of perfectly competitive markets. This market has characteristics of a monopoly. Entry is restricted and the there are not many sellers.
Answer:
D. is the analysis of how people (or firms) behave in strategic situations.
Explanation:
Game Theory it one of the greatest concepts of social situations among the competitive individuals or firms. It is mostly about the strategies. It includes the science of strategy, optimal decision making among the competitive individuals or firms or maybe countries. Game Theory is very useful for determining the best solutions or paths for price competition or product releases. The Game Theory has well known pioneers like John Nash, John von Neumann.
Game Theory has:
Focus: the focus is the game that is happening. On the game, there are social interactions and rational players.
Key: one player's payoff is contingent on the strategy implemented by the other player.
Players: the individual or the firm who or what is strategic decision-maker within the context of the game
Strategy: it is the complete plan of action a player will obtain from the set of circumstances that might arise within the game
Payoff: The payout a player receives from arriving at a particular outcome
Equilibrium: It is such an outcome or agreement that the point in a game where both players have made their decisions and an outcome is reached
As we see the game theory in general context is the behavioral analysis of the individuals and firms during the strategic situations.
Answer: Both stages with a capacity of 10 units per hour can be considered bottlenecks.
Explanation:
From the information given in the question, the best conclusion is that both stages with a capacity of 10 units per hour can be considered the bottlenecks.
It should be noted that the bottleneck in the chain of processes, is the one that has the limited capacity and this then reduces the capacity of the whole chain and slows down production.
Explanation:
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