Game theory is
A. The study of decision making in situations where strategic interaction occurs between rivals.
B. Practiced by perfectly competitive firms.
C. The study of price-fixing and collusion.
D. An explanation of how oligopolists become monopolists.
Answer: A
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When a price shock has occurred, inflation returns to its pre-shock rate ________
A) in the period following the price shock B) in the period when output has returned to its pre-shock rate C) once the output gap has returned to zero D) only in the long run E) none of the above
Off-budget expenditures:
What will be an ideal response?
The ______________ is the amount by which one input can be reduced when one more unit of another input is added while holding the output constant.
Fill in the blank(s) with the appropriate word(s).
If you were a creditor you would prefer
A. deflation. B. disinflation. C. unanticipated inflation. D. anticipated inflation.