In what way or ways can strategies more complicated than simple actions?
a. They can be conditioned on a first mover's action.
b. They can involve random choices.
c. Both a and b.
d. Neither a or b.
c
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Other things remaining the same, an increase in the price level
A) decreases the quantity of real GDP supplied. B) decreases aggregate supply. C) increases aggregate supply. D) increases the quantity of real GDP supplied. E) neither changes aggregate supply nor changes the quantity of real GDP supplied.
Economies of scale are created by greater efficiency of capital and by
A) longer chains of command in management. B) better wages for labor. C) smaller plant sizes. D) increased specialization of labor.
The normal rate of unemployment around which the unemployment rate fluctuates is called cyclical unemployment
a. True b. False Indicate whether the statement is true or false
Which of the following will NOT lead to an increase in demand for a normal good?
A) an increase in income B) an increase in the price of an input C) a decrease in the price of a complement good D) an increase in the number of consumers