The payoff matrix is associated with
a. cartel pricing
b. game theory
c. the behavior of a godfather firm in oligopoly
d. long-run equilibrium in monopolistic competition
e. price discrimination
B
Economics
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If with a small decrease in the price of a good, the quantity supplied falls to zero, the supply of the good is said to be:
A) unit elastic. B) inelastic. C) perfectly inelastic. D) perfectly elastic.
Economics
According to the economic way of thinking, elected government officials tend to favor
A) contractionary monetary policies. B) contractionary fiscal policies. C) expansionary monetary and fiscal policies. D) monetary and fiscal policies consistent with the public interest.
Economics