Suppose the market for widgets (a fictitious good) is characterized by an infinitely repeated oligopoly game (notice I have not given you any details on the game itself). A monopolist in this market would earn $12 million each period, but currently the market is supplied by FOUR (4) firms, each of whom earn $1 million per period in the Nash equilibrium of the one-shot game. Collusion is illegal, and these are honest, law-abiding firms. Nevertheless, they recognize their own interdependence. If the firms had somehow agreed to collectively produce the monopoly level of output, they all know that a firm who defects from that agreement would earn $4 million that period. Supposing that each of the players were to play a trigger strategy, compute the value of alpha above which such a strategy, when played by all firms, would represent a Nash equilibrium of the infinitely repeated game. Your answer should be a decimal between 0 and 1, rounded to the third decimal place (e. g. 0.768).

Alandlord rented an art studio to an artist. under the terms of the signed, written, two-year lease, the artist agreed to pay the landlord $1,000 per month and to assume responsibility for all necessary repairs. after the first year of the lease, the artist assigned the balance of his lease to a sculptor. the landlord approved the sculptor as a tenant and accepted two rent payments from her, and then the landlord sold the building to an investor. the sculptor had made two payments to the investor when an electrical fire broke out in the studio, injuring the sculptor. the fire was caused by faulty wiring. the landlord was aware that there was a dangerous wiring problem when he leased the property to the artist. but when the landlord discovered how costly repairs would be, he decided it would be more profitable to sell the property than to repair it. the problem was not easily discoverable by anyone other than an expert electrician, and the landlord did not tell the artist, the sculptor, or the investor about the problem. the sculptor sues to recover damages for her injuries. from whom can the sculptor recover?

Refers to the way we conduct ourselves

All of the industries and businesses in the country of marksenia are privately owned and sell products at different prices that are not controlled by the government or any other organizational body. consumers in marksenia are free to buy as much of the products as they like from the businesses they want. the country of marksenia has a