When the oil-producing countries of the Middle East meet to set prices and output levels, this is an example of
a. monopoly behavior
b. profit sharing
c. market distribution
d. explicit collusion
e. tacit collusion
D
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The long run refers to a time period
A) long enough for a firm to pay all of its creditors in full. B) long enough for a firm to change the use of its variable inputs. C) long enough for a firm to vary all of its inputs, to adopt new technology, and change the size of its physical plant. D) during which a firm is able to purchase all of its inputs, including its plant and equipment.
MVA (Market Value Added)
A) will always be a positive number. B) may be a negative number. C) measures the market value of the firm. D) None of the above
A high HHI indicates that a market may be dominated by one large firm
Indicate whether the statement is true or false
Productivity growth is the main cause of rising living standards
a. True b. False Indicate whether the statement is true or false