Three major means of collusion by oligopolists are:
A. cartels, informal understandings, and price leadership.
B. market sharing, mutual interdependence, and product differentiation.
C. cartels, kinked-demand pricing, and product differentiation.
D. informal understandings, P = MC pricing, and mutual interdependence.
Answer: A
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What's true about both the short-run and long-run in terms of production and cost analysis?
a. In the short-run, one or more of the resources are fixed b. In the long-run, all the factors are variable c. The time horizon determines whether or not an input variable is fixed or not d. The law of diminishing returns is based in part on some factors of production being fixed, as they are in the short run. e. All of the above
The 1992 plan of the European Union calls for
a. the complete mobility of economic resources across EU borders. b. establishing the British pound as the common currency. c. a central banking system in Zurich. d. a federal tax system similar to that of the United States.
Normative analysis:
A. is a value-free evaluation of a policy. B. examines if the policy actually accomplished its goal. C. is a matter of values and opinions. D. involves the formulation and testing of hypotheses.
A recession begins in July but government policy makers do not reach a consensus that a recession had in fact begun until October. This is an example of a(n)
A) quick time lag. B) recognition time lag. C) effect time lag. D) action time lag.