An agreement among countries about how relative currency values should be determined is known as

A price elasticity of supply of 0.56 means that:

a. for every 10 percent change in price, quantity supplied will move in the same direction by 0.56 percent. b. for every 10 percent change in price, quantity supplied will move in the opposite direction by 0.56 percent. c. for every 10 percent change in price, quantity supplied will move in the opposite direction by 5.6 percent. d. for every 10 percent change in price, quantity supplied will move in the same direction by 5.6 percent.

If Jet Cruises chooses to No Ad and Easy Sail then chooses to No Ad, Jet Cruises earns ________ million in net profit and Easy Sail earns ________ million.

Jet Cruises wants to prevent Easy Sail from entering the sailboat market. The above game tree illustrates the different strategies and corresponding payoffs for the two firms. Both Jet Cruises and Easy Sail have the same strategies of advertising (Ad) or not advertising (No Ad). The payoffs represent net profit in millions.

A) $5; $2 B) $2; $4 C) $4; $3 D) $10; $2