Answers
4. Statement 2 is true, and 1 is false.
Under internal labour market the pricing and allocation of labour are set through the administrative rules and regulations. Internal market is protected from the competition of external labour market. So during the period of rapid technological change the internal market give protection to the labours. They protect the labours through forms of job promotion and pay.
5.Statement 1 is true, 2 is false
The player in a simultaneous game theory assumes that there choice is best and they don’t have proper knowledge about the actions by other players.
Under this theory the decisions are simultaneous. The player makes strategy without knowing the strategies of other players. The player cannot find a pure strategy under this situation.
6 .Both the statements are true.
Under sequential game the player choose their action before knowing the selection of others. Here the player having an advantage to move second. The player having appropriate knowledge about the actions of other players in the game.
The easiest way used here is the look after of all the decisions of the players.
7. Both the statements are true.
The consumer transaction cost is the total financial and non financial cost other than the product’s price. The lowering level of transaction cost can improve its availability to the customers who can’t purchase it when it was added. This transaction cost maintenance can improve the level of profitability among the producers. This low level transaction cost will attract more customers without reducing the actual price.
.