If the painting firms in a city sign a contract outlining a pricing plan, they are involved in
A) price competition.
B) a legal form of business contract in the United States.
C) collusion.
D) price regulation.
Answer: C
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A horizontal LM curve implies that the expenditure multiplier, when compared with the simple Keynesian expenditure multiplier, is
A) smaller. B) larger. C) equal. D) equal to the inverse of the simple multiplier.
In the short run, a perfectly competitive firm will maximize profit by producing where: a. MC = MR
b. MC = ATC. c. ATC = MR. d. AVC = MC.
Which controversy developed over a disagreement about how managers make profit maximizing production decisions?
a. Lester-Satlow b. Lester-Machlup c. Friedman-Lester d. Friedman-Phelps e. Kalecki-Gottheil
Which of the following statements about GDP is correct?
a. Nominal GDP values production at current prices, whereas real GDP values production at constant prices. b. Nominal GDP values production at constant prices, whereas real GDP values production at current prices. c. Nominal GDP values production at market prices, whereas real GDP values production at the cost of the resources used in the production process. d. Nominal GDP values production at the cost of the resources used in the production process, whereas real GDP values production at market prices.