Game theory was first developed by John Nash.
Answer the following statement true (T) or false (F)
False
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If a seller lowers the price of a product when demand is price inelastic, the seller can expect revenues to
A) rise. B) fall. C) stay the same. D) either rise or fall, but it is impossible to determine which.
If a friend tells you that he is certain a stock price will rise based on information he heard on television or saw on the Internet, should you be skeptical? Explain
When wages are set by contract, inflation
a. reduces real wages; this likely makes labor markets more flexible. b. reduces real wages; this likely makes labor markets less flexible. c. raises real wages; this likely makes labor markets more flexible. d. raises real wages; this likely makes labor markets less flexible.
If equilibrium is present in a market:
A. there is either a shortage or a surplus. B. the quantity demanded equals quantity supplied. C. the quantity demanded exceeds quantity supplied. D. the quantity supplied exceeds quantity demanded.