-In the above figure, if the economy is initially at point a, the short-run effect of a cut in the federal funds rate is given by movement from point
Definitions:
Proportion
A comparative relationship between parts of a whole, expressed as a ratio or fraction, indicating the relative size or significance of each part.
Equilibrium
A state in an economic model where supply equals demand, and all agents in the market are at a balance with no incentive to change their behavior.
Hawk-Dove Game
A theoretical model in game theory explaining how contests can settle disputes over resources without the contenders engaging in actual fighting, focusing on the strategies of showing aggression versus submission.
Payoff
The return or reward received from an investment or decision.
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