The payoff matrix is associated with
a. cartel pricing
b. game theory
c. the behavior of a godfather firm in oligopoly
d. long-run equilibrium in monopolistic competition
e. price discrimination
B
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What is the free-rider problem? Why do free riders make the private provision of a public good inefficient?
What will be an ideal response?
In the New Keynesian model, the central bank achieves its interest rate target
A) by announcing it. B) by closing the output gap. C) through money growth targeting. D) by the supplying the quantity of money demanded at the target interest rate.
When some people are better informed than others and the imbalance affects the choices they make, economists say there is
Which of the following would cause both an increase in the price level and an increase in real output?
A. An increase in transfer payments. B. A tax hike. C. A decrease in government spending. D. A decrease in production costs.