Under price leadership
a. the leader must be the dominant firm in the industry
b. all firms follow price changes initiated by the leader
c. price cuts are followed by other firms in the industry, but price increases are not
d. price increases are followed by other firms in the industry, but price cuts are not
e. price wars often occur as a result of tit-for-tat strategies
B
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In games, rules:
A. define the actions that are allowed in a game. B. need to be loosely adhered to in order to predict an outcome. C. define the winners of a game. D. outline the wrong choices that could be made in a game.
Give an historical example of an efficiency wage that was considered by the firm to be "one of the finest cost-cutting moves we ever made."
An entrepreneur is a(n):
A. individual who has much education. B. organizer who seeks profitable opportunities and is willing to accept risks. C. business organization that uses inputs to produce output. D. depot or warehouse for commercial products.
The productivity of workers is defined as the
A. total output produced by the labor force. B. output produced by a worker per hour. C. number of workers needed to produce one day's volume of output. D. number of hours a worker spends at work.