Under tacit collusion,
a. firms form an explicit agreement to cooperate
b. prices are usually lower than under perfect competition
c. firms are usually subject to prosecution in the United States
d. there is no explicit agreement for firms to cooperate
e. firms meet to set prices and output levels for the industry
D
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Answer the question below based on the following price and output data over a five-year period for an economy that produces only one good. Assume that year 2 is the base year.YearUnits of OutputPrice per Unit18$22103315441855206If year 2 is the base year, the Consumer Price Index for year 5 is
A. 200. B. 100. C. 150. D. 50.
If workers who make DVDs get a pay raise, the equilibrium price of a DVD ________ and the equilibrium quantity of DVDs ________
A) rises; increases B) rises; decreases C) falls; decreases D) falls; increases
Which of the following equations is incorrect?
A) AFC = ATC - AVC B) ATC = AVC - AFC C) AVC + AFC = ATC D) ATC - AFC = AVC
Who runs the Federal Reserve System? Describe the organizational structure of the Fed