In a free market economy, the market clearing (equilibrium) price in the above table would adjust to

The long run is a time period in which

A) one year or less elapses. B) all factors of production are variable. C) all factors of production are fixed. D) there is at least one fixed factor of production and at least one variable factor of production.

The starting point of many methods for predicting equilibrium strategy in sequential games is

a. designing proactive reactions to rival actions b. information sets c. uncertain outcomes d. backwards induction based on an explicit order of play e. endgame analysis