In the strategic view of bargaining the outcome depends on
a. Who makes the first move
b. Who can commit to a position
c. Whether or not the other party can make a countermove
d. All of the above
d
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If Jacqueline is willing to accept $1 for a cupcake and Jameson is willing to pay $3 for a cupcake, the cooperative surplus will ________ if the negotiated price is $1.50 as opposed to $2.00
A) increase B) decrease C) not change D) All of the above are possibilities.
Which of the following is not true for a firm in perfect competition?
A) Price equals average revenue. B) Average revenue is greater than marginal revenue. C) Marginal revenue equals the change in total revenue from selling one more unit. D) Profit equals total revenue minus total cost.
To achieve long-run equilibrium in an economy with a recessionary gap, without the use of stabilization policy, the inflation rate must:
A. not change. B. increase. C. decrease. D. either increase or decrease depending on the relative shifts of AD and AS.
You own a car dealership and pay all of your sales people a flat salary. As a result, they don't work very hard to generate sales. This is an example of
A. an externality. B. adverse selection. C. logrolling. D. moral hazard.