Describe a tit-for-tat strategy.
What will be an ideal response?
It is a strategy where this period a firm chooses the price that the other firm chose in the last period.
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Linda Evangelista, a supermodel, once said that she "won't get out of bed for less than $10,000 a day." This fee is an example of
A) a reservation wage. B) the demand for Linda's labor. C) a competitive labor market. D) the substitution effect.
When an individual's wage rises, the substitution effect tends to
a. increase hours worked. b. decrease hours worked. c. leave hours worked unchanged. d. it is impossible to predict what will happen to hours worked.
Leakages are offset by investment and government spending in the circular flow model
a. True b. False Indicate whether the statement is true or false
Gaining control of a corporation through stock purchase or exchange is known as
a. a merger b. an acquisition c. a partnership d. a cooperation e. a joint venture