Adaptive inflationary expectations are based on

Increased productivity in the agricultural sector is not always a benefit to farmers because it is accompanied by

A) lower prices and if demand is inelastic, lower prices mean lower revenues. B) higher prices and if demand is elastic, higher prices mean lower revenues. C) lower prices and if demand is elastic, lower prices mean lower revenues. D) higher prices and if demand is inelastic, higher prices mean lower revenues.

Game theory enables economists to fully understand and predict the behavior of oligopolistic industries with more than two firms.

Answer the following statement true (T) or false (F)