When firms negotiate price and market share among themselves in a way that is designed to limit competition, this practice is called
a. horizontal cartelization
b. conspiracy to merge
c. anticapitalism
d. collusion
e. illicit conglomeration
D
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The following table shows the relationship between the speed of a computer's CPU and its benefits and costs. Assume that all other features of the computer are the same (that is, CPU speed is the only source of variation), and only the CPU speeds listed below are available for purchase.CPUGHzTotal BenefitMarginal BenefitTotal CostsMarginal Costs2.0$1,000 $900 2.5$1,400 &1003.0 $300$1,200 3.5$1,900 &1,500 4.0$2,000 &400The marginal cost of upgrading from a 2.5GHz to 3.0GHz computer is:
A. $200. B. $100. C. $400. D. $300.
A high four-firm concentration ratio implies
A) an absence of product differentiation. B) a presence of product differentiation. C) an absence of competition. D) a presence of competition.
Explain why a monopsony's marginal cost of labor is greater than the wage rate
What will be an ideal response?
Economic models
A) are used to explain how people think. B) are used to explain how people behave. C) are essential representations of the real world. D) are never used for making economic projections or predictions.