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.

---

Definitions:

Caring For Children

The act and practice of nurturing, looking after, and ensuring the growth, health, and safety of children.

Equal Work

The concept that work of equal value by different workers should receive the same pay and conditions.

Mania

A mental state characterized by excessively high energy levels, euphoria, and impulsiveness, often seen in bipolar disorder.

Antisocial Conduct

Behavior that goes against the norms of society, often violating the rights of others, possibly indicative of antisocial personality disorder.