The relationship between the price level and the quantity of real GDP supplied is
A. full employment output.
B. inflationary or recessionary gap.
C. aggregate supply.
D. supply-side equilibrium.
Answer: C
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Refer to the scenario above. Which of the following will happen in equilibrium if the game is played only once?
A) Social surplus will be maximized. B) Tom will trust Harry and Harry will defect. C) Tom will trust Harry and Harry will cooperate. D) Neither of them will make any money.
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