A group of firms that coordinate their pricing decisions is called:
A. a monopoly.
B. a duopoly.
C. a cartel.
D. monopolistic competition.
Answer: C
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The price of a tomato increases and people buy more lettuce. You infer that lettuce and tomatoes are ________
A) complements B) normal goods C) substitutes D) inferior goods
If the market price is below the equilibrium price, forces will come into play to
a. move the price lower. b. move it to the equilibrium price. c. move it above the equilibrium price. d. increase the supply.
Which of the following is the largest contributor to the growth of labor productivity in the United States?
A. Technological advance. B. Education and training of labor. C. Economies of scale. D. Improved resource allocation.
Refer to the information provided in Figure 29.1 below to answer the question(s) that follow.
Figure 29.1Refer to Figure 29.1. Suppose it takes policy makers from time t4 to time t7 to take an action to stimulate the economy. This is an example of
A. recognition lag. B. cyclical lag. C. response lag. D. implementation lag.