Which of the following is an example of tacit collusion?
A. OPEC
B. Copper cartel
C. Price leadership
D. Government franchise granted to a utility
Answer: C
You might also like to view...
Which of the following is an example of a factor of production?
A) Land B) Cell phones C) Canned soup D) Television sets
The Federal Reserve lowers interest rates. As a result, in the short run, real GDP ________ and the price level ________
A) increases; rises B) increases; falls C) decreases; rises D) decreases; falls
Assume the United States and Australia have the same amount of resources. In a given time period, the United States can produce 2 tons of beef or 200,000 cars. Australia can produce 1 ton of beef or 100,000 cars. This means that
A. Australia has an absolute advantage in both beef and cars. B. Australia has a comparative advantage in cars. C. The United States has an absolute advantage in both beef and cars. D. The United States has a comparative advantage in beef.
In a zero-sum game
A) both players are better off at the end of the game. B) both players are worse off at the end of the game. C) one player's losses are exactly offset by another player's gains. D) both players collude to make both of them better off.