The Consumer Price Index was 247 in year 1 and 272 in year 2. The rate of inflation in year 2 was:

If a perfectly competitive firm finds that price is less than its ATC, then the firm

A) will raise its price to increase its economic profit. B) will lower its price to increase its economic profit. C) is making an economic profit. D) is incurring an economic loss. E) is making zero economic profit.

Refer to the scenario above. If the colleagues had decided on a fairness penalty of $5,000 before committing the crime, ________

A) this game will not have a Nash equilibrium B) this game will have multiple Nash equilibria C) this game will have multiple dominant strategy equilibria D) this game will have a unique Nash equilibrium