The act of firms working together to make decisions about price and quantity is called:
A. bulk ordering.
B. artificial competition.
C. collusion.
D. price discrimination.
Answer: C
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If the percentage change in the quantity demanded is not zero but is less than the percentage change in the price, demand is
A) elastic. B) inelastic. C) unit elastic. D) perfectly elastic. E) perfectly inelastic.
The above figure illustrates the marginal social benefit and marginal social cost for chicken sandwiches. If the quantity is decreased from 6 to 3 and the price increases from $3 to $4, consumer surplus will decrease by
A) $1.50. B) $2.00. C) $3.00. D) $4.50.
The federal funds rate is the interest rate paid when
a. the Federal Reserve makes loans to member banks. b. taxpayers pay overdue taxes. c. one bank borrows reserves from another bank. d. banks make loans to the federal government. e. the federal debt is refinanced.
Bolivia's government attempted to solve some of its problems with inequality of outcomes due to foreign investment in its natural gas resources by:
a. taxing international firms. b. insisting that the firms pay higher wages to workers in the industry. c. shutting down the firms in the wake of protests. d. nationalizing the firms by reclaiming 51% ownership and raising taxes on foreign profits.