Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.

Over a particular price range, if the quantity effect of a price decrease is smaller than the price effect, it implies that:

A) demand is elastic in the price range. B) demand is inelastic in the price range. C) the demand curve is horizontal in the price range. D) the demand curve is upward sloping in the price range.

In a game, a dominant strategy is

a. the best strategy for a player to follow only if other players are cooperative. b. the best strategy for a player to follow, regardless of the strategies followed by other players. c. a strategy that must appear in every game. d. a strategy that leads to one player's interests dominating the interests of the other players.