Collusion is:
A. buyers acting in unison against a company in efforts to change its practices.
B. the act of firms undercutting one another in competition until zero profits are earned.
C. the act of firms working together to make decisions about price and quantity.
D. None of these statements is true.
C. the act of firms working together to make decisions about price and quantity.
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To infer the political tendencies of the students at your college/university, you sample 150 of them. Only one of the following is a simple random sample: You
A) make sure that the proportion of minorities are the same in your sample as in the entire student body. B) call every fiftieth person in the student directory at 9 a.m. If the person does not answer the phone, you pick the next name listed, and so on. C) go to the main dining hall on campus and interview students randomly there. D) have your statistical package generate 150 random numbers in the range from 1 to the total number of students in your academic institution, and then choose the corresponding names in the student telephone directory.
During the short-run period of the production process, a firm is: a. unable to vary any of its factors of production
b. able to vary only some of its factors of production. c. able to vary all of its factors of production. d. able to vary the size of its plant.
The demand for U.S. dollars is derived from foreign demand for U.S. exports
a. True b. False Indicate whether the statement is true or false
Suppose a shift of the labor-demand curve results in an increase of $5 in the equilibrium wage. How does this shift affect the value of the marginal product of labor?