Refer to the figure below. 
The dominant strategy for Row Resorts is to ________, and the dominant strategy for Column Cruises is to ________.
A. keep rates high; offer reduced rates
B. offer reduced rates; keep rates high
C. offer reduced rates; offer reduced rates
D. keep rates high; keep rates high
Answer: C
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Which of the following is likely to cause flour mills to increase their demand for labor?
A) A decrease in the wage rate B) An increase in the wage rate C) An increase in the price of bread D) A decrease in the price of flour products
A price floor set above the equilibrium price is binding
a. True b. False Indicate whether the statement is true or false
According to the adaptive expectations hypothesis,
a. inflation will cause the long-run unemployment rate to decline. b. the economic record during the current period strongly influences decision-maker expectations about the future. c. decision makers will consider the expected impact of policy changes when forming their expectations about the future rate of inflation. d. future inflation will adapt to conform with the expectations of decision makers.
If Country A and Country B have the same total output, then the standard of living in these two countries can be different depending on:
A. their respective political systems B. their respective inflation rates C. population size D. their relative geographic size