Game theory is most useful in understanding the decision making behavior of firms in which type of industry?
a. perfect competition
b. monopoly
c. monopolistic competition
d. natural monopoly
e. oligopoly
E
Economics
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For an increasing cost industry, the long-run supply curve has a(n) _____ elasticity of supply
a. infinite b. negative c. positive d. zero
Economics
The purchasing power parity theory helps explain long-run trends in exchange rates, but not short-run fluctuations
a. True b. False
Economics
The main difference between new classical and new Keynesian theory is with respect to the assumption of
A) how expectations are formed. B) how flexible wages and prices are. C) the slope of the SRAS curve. D) the slope of the AD curve.
Economics
When a person is responsible for the outcome of the completing a task well it is called
a. sociological b. erg theory c. indefensible d. accountable
Economics