Exhibit 1 shows which of the following trends?
a. As the price of coffee decreases, Elizabeth demands less coffee.
b. As the price of coffee increases, Elizabeth demands less coffee.
c. As the price of coffee decreases, Elizabeth at first demands more coffee, but then demands less.
d. As the price of coffee increases, Elizabeth at first demands more coffee, but then demands less.
b. As the price of coffee increases, Elizabeth demands less coffee.
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In the long run, persistent inflation in the United States is caused by
A) leftward shifts in both the long-run aggregate supply curve and in the aggregate demand curve. B) rightward shifts in the long-run aggregate supply curve and the leftward shift of the aggregate demand curve. C) a faster rightward shift of the aggregate demand curve than the rightward shift of the long-run aggregate supply curve. D) leftward shifts in the aggregate demand curve while the position of the long-run supply curve is unchanged.
Non-cooperative sequential games can incorporate all the following features except
a. a single decision-maker in the endgame b. no communication c. finite or infinite time periods d. third-party enforceable agreements e. an explicit order of play