Remember the fish market? On the market day, the supply curve is ____________ but over the long run the supply curve is quite __________

The model in which one firm sets its price first, and others in the industry charge the same price is known as:

a. the Nash equilibrium. b. price leadership. c. a tit for tat strategy. d. prisoners' dilemma.

If tastes for a good increased and the price of a substitute good increased at the same time, as a result: a. prices would rise

b. prices would fall. c. larger quantities to be exchanged. d. Both a. and c. would occur.