Prices of PlayStation 4 Game Systems Are Similar at Almost

question 156

Multiple Choice

Prices of PlayStation 4 game systems are similar at almost every large retailer and little price competition occurs among these retailers.An explanation for this is

• A)retailers are all price takers.
• B)retailers have lobbied state governments to allow them to collude legally to set the prices of certain products.
• C)pricing PlayStation 4 game systems is a repeated game. Over a long period of time, a cooperative equilibrium has been reached where retailers charge high prices for these systems.
• D)retailers are in a prisoner's dilemma which causes them to all charge the same price for PlayStation 4 game systems.

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Definitions:

Accumulated Depreciation

Accumulated depreciation accounts for the total amount of depreciation expense that has been claimed over the life of an asset, reducing its book value.

Balance Sheet

A report that lists a business's assets, obligations, and the equity of its shareholders on a specific date.

Property, Plant, and Equipment

The tangible long-lived assets used in the operations of a business, including land, buildings, machinery, and equipment.

Current Assets

Assets that a company expects to convert into cash or use up within one year or during its normal operating cycle, whichever is longer.