When producers agree to restrict output, raise the price, and increase profits, the agreement is called ________
A) a pricing agreement
B) an oligopoly agreement
C) a collusive agreement
D) a monopoly agreement
C
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The contribution of an additional worker to a firm's ____, is the worker's contribution to revenue minus the worker's ____
a. profits; wage b. output; wage c. profits; marginal productivity d. output; marginal productivity
One of the factors causing the shrinking gap between rich and poor countries is
a. learning by poor countries. b. increasing resource discoveries. c. increasing populations in poor countries. d. transfers of income from rich countries.
Autonomous consumption is NOT influenced by
A. Aggregate household wealth. B. Expectations of future income and wealth. C. Aggregate household debt. D. Disposable income.
If the Fed decides to keep interest rates low when there is a large budget deficit, economists conclude that the Fed is
A. monetizing the debt. B. neutralizing the effects of the deficit. C. correcting the deficit for inflation. D. resisting the effects of the deficit.