There are very few non-price means of undermining cartel agreements to restrict competition among members
a. True
b. False
Indicate whether the statement is true or false
False
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The typical American family spends about ____ percent of its budget on goods and the remainder on services.
A. 22 B. 32 C. 66 D. 80
Suppose Mexico and the United States are on the gold standard. If there is a half an ounce of gold in the dollar, and one quarter an ounce of gold in the peso, then the exchange rate is
A) $0.50 = 1/2 peso. B) $1 = 1/4 peso. C) $1 = 2 pesos. D) $1 = 4 pesos. E) $1 = 1/2 peso.
An online dating firm is
A) a platform in a shared-input market. B) an end user in a matchmaking market. C) a platform in a matchmaking market. D) an end user in a shared-input market.
The idea that resource allocation can remain efficient, even in the presence of externalities, as long as property rights are clearly assigned and transaction costs are low is referred to as the:
A. law of demand. B. law of diminishing returns. C. Coase Theorem. D. Black/Schloes formula.