The short-run version of aggregate supply assumes that product prices are ________.
A. both input and product prices are fixed
B. fixed while resource prices are flexible
C. flexible while resource prices are fixed
D. both input and product prices are flexible
Answer: C
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In game theory, strategies include ________
A) all possible actions of each player B) only the winning action of each player C) all possible actions and payoffs of each player D) the payoff matrix
Which of the following caused pre-1984 volatility in residential construction?
A) financial regulations B) tax cuts C) currency volatility D) interest rates
Suppose that florists and landscape workers are not unionized. If florists unionize, then the wages of
a. florists will rise, and the wages of landscape workers will fall. b. florists will fall, and the wages of landscape workers will rise. c. both florists and landscape workers will rise. d. both florists and landscape workers will fall.
Opportunistic behavior by oligopolies means
A. that firms cooperate in the short run for current gains. B. that firms cooperate in both the long run and in the short run to prevent others from entering the industry. C. that firms refuse to cooperate in the short run. D. that firms refuse to honor their product guarantees.