Most economists believe that monetary neutrality provides
a. a good description of both the long run and the short run.
b. a good description of neither the long run nor the short run.
c. a good description of the short run, but not the long run.
d. a good description of the long run, but not the short run.
d
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The Prisoners' Dilemma is a particular type of game in which negotiation and enforcement of binding contracts is not possible, and such games are known as:
A) cooperative games. B) noncooperative games. C) collusive games. D) Cournot games.
If the government reduced the minimum wage and pursued expansionary monetary policy, then in the long run
a. both the unemployment rate and the inflation rate would be higher. b. both the unemployment rate and the inflation rate would be lower. c. the unemployment rate would be higher and the inflation rate would be lower. d. the unemployment rate would be lower and the inflation rate would be higher.
When applied to decision making, satisficing means that
Which of the following pricing policies enhances profits by creating brand-loyal consumers?
A. Beat-or-pay strategies B. Frequent flyer programs C. Frequent flyer programs and beat-or-pay strategies D. Trigger strategies