In the spring of 1994, Northwest Airlines took the independent action of reducing fares on its flights. Other competing airlines quickly matched the fare cuts. These actions might be interpreted as:
A) a noncooperative game.
B) a cooperative game.
C) a constant sum game.
D) a competitive game.
A
You might also like to view...
How does the idea of independent events help in explaining the gambler's fallacy in a roulette game?
What will be an ideal response?
If an import-competing firm is imperfectly competitive, than under free trade an import quota will ________ domestic market price, ________ producer surplus, ________ consumer surplus, ________ government revenue, and ________ overall domestic
national welfare. A) increase; increase; decrease; have no effect on; decrease B) decrease; decrease; increase; decrease; have no effect on C) increase; have no effect on; decrease; increase; decrease D) decrease; increase; decrease; increase; decrease E) have no effect on; have no effect on; decrease; increase; decrease
Supply-side policies are designed to achieve
A. A leftward shift in the Phillips curve. B. A lower inflation rate but a higher unemployment rate. C. A rightward shift in the Phillips curve. D. A leftward shift of the aggregate supply curve.
In periods of high inflation,
a. people want to hold on to as much money as possible. b. the purchasing power of money is decreasing. c. nobody wants to work and earn income. d. low nominal interest rates are likely to result. e. nobody wants to buy goods and services.