The payment received by suppliers of entrepreneurial skills is called wages
Indicate whether the statement is true or false
FALSE
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A local restaurant sells strawberry pie for $3.00 per slice. However, if you order the prime rib dinner, you can get a slice of pie for only a dollar. This is an example of
A) bundling. B) second-degree price discrimination. C) a two-part tariff. D) tying. E) none of the above
If expectations are rational, the difference between the actual inflation rate and the forecast for inflation is: a. positive when inflation is increasing
b. negative when inflation is increasing. c. random. d. greater, the more accurately people anticipate the effects of government policy.
The practice of a group of firms negotiating a uniform price and fixing agreed-upon market share in order to limit competition is
a. legal in all states but illegal in Washington, D.C. b. called conglomerate behavior c. seldom successful because entry into the industry cannot be denied d. called collusion e. less profitable for each firm than maximizing profit individually
Unemployment payments
a. rise during a recession and thus reduce the severity of the recession b. rise during a recession and thus increase the severity of the recession c. rise during inflationary episodes and thus reduce the severity of the inflation d. fall during inflationary episodes and thus increase the severity of the inflation e. fall during a recession and thus increase the severity of the recession