Downgrading Refers To

question 147

Multiple Choice

Downgrading refers to:

• A) the slope of the import demand curve.
• B) a decline in tariffs.
• C) a decline in average quality when protection is eliminated.
• D) the result of deadweight loss.

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Definitions:

Cournot

A model of duopoly in which two firms assume the output of the other, deciding their own production levels to maximize profit.

Sequential Game

A type of game theory model where players make decisions one after another, with each player's decision possibly affecting future decisions by themselves or others.

Simultaneous-Move Scenario

A situation in game theory where all players make their decisions or choose their strategies at the same time without knowledge of the others' choices.

Sequentially Played Game

A game in which players make decisions or moves one after another, in a specific sequence.