When There Is a Technological Advance in the Pork Industry,consumer

question 79

Multiple Choice

When there is a technological advance in the pork industry,consumer surplus in that market will

• A)increase.
• B)decrease.
• C)not change,since technology affects producers and not consumers.
• D)not change,since consumers' willingness to pay is unaffected by the technological advance.

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Definitions:

Dominant Strategies

In game theory, a strategy that is the best choice for a player, regardless of what the opposing player chooses.

Annual Profit

Annual profit is the financial gain a company or individual achieves in a fiscal year after all expenses, taxes, and costs have been subtracted from total revenue.

Dominant-Strategy Equilibrium

A situation in game theory where a specific strategy is best for a player, regardless of the strategies chosen by other players.

Pure-Strategy Nash Equilibrium

A situation in game theory in which players select a single strategy that yields the best response given the strategies of all other players.