The CEOs of three firms in the airlines industry talk to each other about coordinating their ticket pricing. Which concept is exemplified?
a. quotas
b. price leadership
c. economies of scale
d. collusion
d. collusion
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Sonya's budget for magazines and chocolate bars is $50. Her marginal utility from these goods is shown in the table above. If the price of a magazine is $5 and the price of a chocolate bar is $2
50, which of the following combinations maximizes Sonya's utility? A) 1 magazine and 18 chocolate bars B) 2 magazines and 20 chocolate bars C) 3 magazines and 14 chocolate bars D) 5 magazines and 10 chocolate bars
The Federal Reserve System
a. was created by and is owned by the government b. pursues independent fiscal policy at the behest of Congress c. monitors prices but does not have the authority to act to curb inflation when it emerges d. pursues an independent monetary policy that can conflict with the government's fiscal policy e. only acts to lower taxes and increase spending when there are recessionary tendencies in the economy
The largest component of GDP is:
A. personal consumption expenditures. B. government spending. C. durable goods. D. net exports.
All patent protected products would not have been developed without patent protection.
Answer the following statement true (T) or false (F)