History and Adam Smith both point out that people of the same trade
a. often face the temptation to engage in collusion.
b. rarely consider engaging in collusion.
c. meet only to consider how to improve the quality of their products.
d. scrupulously avoid engaging in discussions about their trade since they are competitors.
a. often face the temptation to engage in collusion.
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What is the most important factor leading to rising health care costs in the United States since 1980?
a. The increased use of expensive medical technology. b. The aging U.S. population. c. The increased cost of malpractice insurance for providers. d. Rising incomes for physicians. e. The rising cost of pharmaceutical drugs.
The slope of the short-run aggregate supply curve depends on how sharply: a. the marginal cost of production rises as real GDP expands. b. the average cost of production rises as real GDP expands. c. real GDP increases as the price level rises
d. nominal GDP increases as the price level rises. e. product prices change as the price level rises.
Inventories are
A. goods that have not been purchased but have been produced during the current year. B. consumer expenditures. C. part of the debt surplus. D. part of next exports.
When a monopolist sells the same product at different prices and the prices are related to cost differences, we have
A. price discrimination. B. monopoly pricing. C. marginal cost pricing. D. price differentiation.