George and Jerry are competitors in a local market. Each is trying to decide if it is better to advertise on TV, on radio, or not at all. If they both advertise on TV, each will earn a profit of $3,000 . If they both advertise on radio, each will earn a profit of $5,000 . If neither advertises at all, each will earn a profit of $10,000 . If one advertises on TV and the other advertises on radio,
then the one advertising on TV will earn $4,000 and the other will earn $2,000 . If one advertises on TV and the other does not advertise, then the one advertising on TV will earn $8,000 and the other will earn $5,000 . If one advertises on radio and the other does not advertise, then the one advertising on radio will earn $9,000 and the other will earn $6,000 . If both follow their dominant strategy, then George will
a. advertise on TV and earn $3,000.
b. advertise on radio and earn $5,000.
c. advertise on TV and earn $8,000.
d. not advertise and earn $10,000.
d
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For the period we are studying (1789–1860), the United States
(a) was a high tariff, protectionist nation. (b) derived the vast majority of federal revenues from the tariff. (c) was divided on the question of the tariff, with the South generally in opposition to it. (d) was characterized by all of the above.
Which of the following would be most likely to shift the long-run aggregate supply curve (LRAS) to the right?
a. favorable weather conditions that increased the size of this year's grain harvest b. an increase in resource prices relative to product prices c. an increase in labor productivity as the result of improved computer technology and expansion of the Internet d. an increase in the cost of security as the result of terrorist activities