The avoidance of a worst case scenario strategy in a two-firm balanced oligopoly can best be described as a strategy
a. taken by the more powerful of the two firms, the other follows to avoid a worst case outcome
b. taken by the less powerful of the two firms in order to avoid a worst case outcome
c. that is best for the firm regardless of the strategy taken by its rival
d. that avoids a Nash equilibrium outcome
e. that allows both firms to obtain cartel-like profits
C
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In the market for money, an interest rate below equilibrium results in an excess ________ money and the interest rate will ________
A) demand for; rise B) demand for; fall C) supply of; fall D) supply of; rise
If the long-run Phillips curve shifts to the left, then for any given rate of money growth and inflation the economy has
a. higher unemployment and lower output. b. higher unemployment and higher output. c. lower unemployment and lower output. d. lower unemployment and higher output.