The development of game theory was the work of
A. Joan Robinson and Edward Chamberlin.
B. John von Neumann and Oskar Morgenstern.
C. Wassily Leontief and Joseph Schumpeter.
D. John Maynard Keynes.
Answer: B
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When all changes in the world are due to
A) fiscal policy, purchasing power parity holds true in the long run. B) monetary policy, purchasing power parity does not hold true in the long run. C) monetary policy, purchasing power parity holds true in the long run. D) monetary policy, purchasing power parity holds true even in the short run. E) fiscal and monetary policy, purchasing power parity holds true in the long run.
Briefly describe the different conditions which affect the value of a real option
During a football game, it starts to rain and the temperature drops. The senior class, which runs the concession stand and is studying economics, raises the price of coffee from 50 cents to 75 cents a cup. They sell more than ever before. Which answer explains this?
A. The supply of coffee increased B. The demand curve for coffee was elastic C. The supply of coffee decreased D. The demand for coffee increased E. The demand curve for coffee was inelastic
Refer to the figure below. There would be an excess supply of 25 at a price of ________.
A. $35 B. $20 C. $50 D. $45