22. Refer to Figure 6. In the dynamic model of AD-AS in the figure above, if the economy is at point A in year 1 and is expected to go to point B in year 2, and no fiscal or monetary policy is pursued, then at point B (A) the unemployment rate is very low. (B) firms are operating at below capacity. (C) the economy is below full employment. (D) income and profits are falling. E) there is pressure on wages and prices to fall. Figure 7. The left-hand graph shows a short-run aggregate-supply (SRAS) curve and two aggregate-demand (AD) curves. On the left-hand diagram, Y represents output and on the right-hand diagram, U represents the unemployment rate.

7. Uber Eats and Food Panda must decide whether or not to start a promotional campaign in the Sanxia area. The potential economic profit by each food delivery services, depicted in the payoff matrix above, depends on whether the other service also start a campaign. Which of the following statements is true? (A) If Food Panda starts a campaign and Uber Eats does not, Food Panda will earn a $20 million economic profit. (B) If Uber Eats starts a campaign and Food Panda does not, Uber Eats will earn a $20 million economic profit. (C) The Nash Equilibrium of the game is when both Food Panda and Uber Eats do not a campaign. (D) Food Panda and Uber Eats can work out a joint strategy that can generate an outcome better than the Nash Equilibrium. Price (dollars per kilogram) Quantity (kilograms of salmons)

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