Identify the correct statement about repeated negotiations from the following
a. Patterns in repeated negotiations can persist over time but are usually region-specific.
b. The payoff from repeated negotiations is higher than that from negotiations which are unlikely to be repeated.
c. Experience can help the parties understand each other's positions when negotiations involve previously unencountered issues.
d. The greater the experience of the buyer the higher the benefits he realizes from a repeated negotiation.
C
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Starting from long run equilibrium, in response to a decrease in AD: a. The price level will increase more in the long run than in the short run
b. The short run equilibrium level of real output will be greater in the long run than in the short run. c. Neither the price level nor real output will change in the long run. d. Both a. and b. are correct
Which of the following is most likely to be an inferior good?
A. rice B. designer coats C. ocean cruises D. steak