The new classical economists are the __________________.
Fill in the blank(s) with the appropriate word(s).
rational expectationists
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A cooperative equilibrium results when firms
A) choose a strategy by random chance. B) choose the best strategy regardless of what other players do. C) choose the strategy that minimizes the payoff to other players. D) choose the strategy that maximizes the total game payoff.
A firm acting as a price leader would never reduce market price because this would clearly make all of the firms in the market worse off and defeat the purpose of having a firm act as the price leader
Indicate whether the statement is true or false
A parent company rewarding managers on profit centers can simply
a. Subtract division costs from the division revenue and reward the manager on the difference b. Add the division costs to the division revenue and reward the manager on the sum c. Reward the manager on the revenue of the division d. Reward the manager on the costs of the division
One of the functions of money is to serve as a:
A. store of value. B. valuation tool. C. equality enhancer. D. sole way to make payments.