Butch's Barber Shop knows that it faces an elasticity of demand equal to 3.0 over the relevant range of its demand curve. A 1% increase in its price will do what to the number of haircuts demanded from Butch's Barber Shop?

For a Nash equilibrium to be possible, all players must ________

A) be able to predict their outcomes associated with all possible actions of the other players B) have a way to communicate with the other players C) have a strategy which allows for collusion D) Both A and B

To expand the money supply the Fed could lower the required reserve ratio, lower the discount rate, or purchase government securities

Indicate whether the statement is true or false