If supply shifts back and demand shifts out,price will rise but the effect on quantity is uncertain.the effect on both is uncertain.price will fall but the effect on quantity is uncertain.quantity will rise but the effect on price is uncertain.quantity will fall but the effect on price is uncertain. If a player has a Grim Trigger strategy, that player:becomes pessimistic if any other player gains an advantage that the player does not share in.cooperates if other players have cooperated in all previous rounds but defects if any player ever defects.is serious and firm in her quest to do whatever it takes to succeed, particularly if opposition from otherplayers rises.becomes hostile if she is the only player left in the game.

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Business

Economics

If supply shifts back and demand shifts out,

ENGR.ECONOMIC ANALYSIS

14th Edition

ISBN:9780190931919

Author:NEWNAN

Publisher:NEWNAN

Chapter1: Making Economics Decisions

Section: Chapter Questions

Problem 1QTC

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Concept explainers

Laffer Curve Analysis

In terms of economics, the Laffer curve was popular among those economists who were or who belonged to the supply side of the economic peripheral. This concept was popularized by the famous supply-side economist known as Arthur Laffer. This curve illustrated the relationship between the tax rates and government revenue. It is already known that the tax which the public or individuals residing in an economy bear is the revenue or income of the government with the help of which the government does all the necessary works in the society, which is beneficial for the economy.

Question

If supply shifts back and demand shifts out,
price will rise but the effect on quantity is uncertain.
the effect on both is uncertain.
price will fall but the effect on quantity is uncertain.
quantity will rise but the effect on price is uncertain.
quantity will fall but the effect on price is uncertain.

If a player has a Grim Trigger strategy, that player:
becomes pessimistic if any other player gains an advantage that the player does not share in.
cooperates if other players have cooperated in all previous rounds but defects if any player ever defects.
is serious and firm in her quest to do whatever it takes to succeed, particularly if opposition from other
players rises.
becomes hostile if she is the only player left in the game.

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