Which of the following conditions, if present, is sufficient to make a game cooperative?
A) Individual payoffs are greater if all players choose the same strategy.
B) Players can communicate with each other.
C) Players can negotiate binding contracts committing them to particular strategies.
D) Players must agree unanimously on any set of strategies.
E) The payoff that is highest for all individuals together is also highest for each individual player.
C
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Use the classical (RBC) IS—LM—FE model to show the effects on the economy of a temporary adverse supply shock; for example, an increase in the price of oil
You should show the impact on the real wage, employment, output, the real interest rate, consumption, investment, and the price level.
For a firm to be economically efficient from society's point of view, it should produce to the point at which
A) marginal cost equals marginal revenue. B) marginal cost equals average total cost. C) marginal cost equals price. D) average total cost equals price.
The following data give the dates of successive turning points in U.S. economic activity and the corresponding levels of real GDP at the time.Turning PointDateReal GDP (1996 $ billions)(A)July 19531992.2(B)May 19541941.0(C)Apr. 19572182.7(D)Apr. 19582117.4(E)Apr. 19602391.0 Which of the turning points are peaks?
A. (A), (B), and (C) B. (A), (C), and (E) C. (B) and (D) D. (C), (D), and (E)
When the money demand curve is drawn with interest rate on the vertical axis and the quantity of money on the horizontal axis, the slope of the demand curve for money is
A) vertical. B) horizontal. C) positive. D) negative.