An agreement among firms to charge the same price or otherwise not to compete is called
A) a payoff matrix. B) a subgame-perfect equilibrium.
C) collusion. D) a Nash equilibrium.
C
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Bondholders have a “prior claim” over stockholders on a company’s earnings or its assets.
Answer the following statement true (T) or false (F)
Rational people having preferences for immediate benefits and delayed costs is another way of saying that:
A. money is worth less to us now than in the future. B. the value of money does not change over time. C. money is worth more to us now than in the future. D. rational people have insatiable wants.
A dollar spent to buy a product ends up being a dollar received by the seller of the product. This statement explains why GDP includes ______.
a. marginal expenditure and total income b. total expenditure and total income c. total expenditure and marginal income d. marginal expenditure and marginal income
In the real business cycle theory, business cycle contractions begin as a result of changes in
A) aggregate GDP. B) aggregate spending. C) aggregate demand. D) aggregate consumption. E) long-run aggregate supply.