Which of the following is an example of a collusive oligopoly?
a. a cartel
b. a tariff
c. a prisoners’ dilemma
d. a non-cooperative game
a. a cartel
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The figure above shows Sam's budget line. Which of the following equals the vertical intercept of Sam's budget line?
A) Y/Pc B) Y/Pg C) -(Pc/Pg) D) -(Pg/Pc)
Each point on a production possibilities frontier represents an efficient allocation of resources in an economy at one point in time.
Answer the following statement true (T) or false (F)
In the last 10 years, private union membership has
A. Increased, while public union membership has decreased. B. Decreased along with public union membership. C. Increased along with public union membership. D. Decreased, while public union membership has increased.
A market equilibrium:
A. is never socially optimal. B. might not maximize total economic surplus. C. is socially optimal. D. leaves unexploited opportunities for individuals.