In the economy of Pandemonia, 500 people have jobs, 500 people are not working but are searching for work, and 1500 people don't work and don't seek work. The unemployment rate is

The decrease in the price of gasoline to a national average of less than $3.20 during the summer of 2012 was most likely a result of

A) an increase in demand due to reduced summer driving. B) an increase in supply resulting from higher refinery output. C) an increase in demand due to increase in summer driving along with a decrease in supply resulting from reduced refinery output. D) an increase in supply resulting from higher refinery output along with a decrease in demand in summer driving.

Game theory is a model for describing oligopoly price decisions among firms that are:

a. interdependent. b. independent. c. regulated d. merging