Collusion:
A. rarely occurs in reality.
B. is a common problem in reality.
C. has not occurred in the last hundred years or so, due to government policy outlawing it.
D. never occurs in reality.
Answer: B
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A price searcher faces the following demand curve: At $9, $8, $7, and $6, the quantity demanded is 10, 20, 30, and 40 units, respectively. If the firm's marginal cost is $50 at any level of output, it would maximize net revenues by
A) producing 10 units and charging $9. B) producing 20 units and charging $8. C) producing 30 units and charging $7. D) producing 40 units and charging $6. E) charging $50 plus markup.
International trade under these conditions
Suppose Canada can produce either 120 units of goods, 80 units of services, or any linear combination thereof. Mexico can produce 90 units of goods, 50 units of services, or any linear combination thereof. a) cannot benefit either country b) can only benefit Mexico c) can only benefit Canada d) can benefit both countries if Canada exports goods and imports services e) can benefit both countries if Canada exports services and imports goods
Use our model of the bond market (supply and demand) to explain what happens if the U.S. economy continues to grow at robust rates.
What will be an ideal response?
A firm is producing output less than the output associated with the minimum point on the firm's short run average variable cost curve. At this level of output the firm uses its fixed capital input ________ and its variable labor input ________.
A. inefficiently; efficiently B. efficiently; inefficiently C. inefficiently; inefficiently D. efficiently; efficiently