Decision makers in oligopolistic firms must devise a strategy. One that yields the highest benefit, regardless of what the other players do is a
A) pricing strategy.
B) rule-of-thumb strategy.
C) dominant strategy.
D) revenue strategy.
Answer: C
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Unemployment that occurs when there is deficient demand for the goods and services of an economy is called
A. structural unemployment. B. frictional unemployment. C. cyclical unemployment. D. natural unemployment.
Under a flexible exchange rate system, there is no need for foreign exchange reserves.
Answer the following statement true (T) or false (F)
A fall in the price level:
A. reduces the value of money in peoples' pockets, so people buy less goods. B. increases the value of money in peoples' pockets, so people buy more goods. C. increases the value of money in peoples' pockets, so people buy less goods. D. reduces the value of money in peoples' pockets, so people buy more goods.
According to Say's Law, all goods produced will be sold:
A. As long as the government establishes the correct price. B. Because technology is constantly improving. C. If prices are flexible and free to change. D. If trade barriers protect domestic production.