In a one-stage game:
A. at least one participant observes a choice by another participant before making some decision.
B. each participant makes all of his choices before observing any choice by any other participant.
C. at least one participant makes his choice before observing the choices made by other participants.
D. one participant has full information of the other players' choices before making his choice.
B. each participant makes all of his choices before observing any choice by any other participant.
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Consider two similar economies hit by the same temporary negative supply shock. In the economy with the more credible monetary policy, there will be ________
A) smaller increases in both inflation and the real interest rate B) a smaller increase in inflation and larger increase in the real interest rate C) a smaller increase in inflation and larger decrease in output D) a smaller increase in output and larger increase in the real interest rate
Strategic complementarities may help explain business cycles because such complementarities may lead to
A) decreasing returns to scale. B) constant returns to scale. C) increasing returns to scale. D) a downward-sloping labor supply curve.