Collusion is:
A. the act of firms working together to make decisions about price and quantity.
B. buyers acting in unison against a company in efforts to change its practices.
C. the act of firms undercutting one another in competition until zero profits are earned.
D. None of these statements is true.
Answer: A
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A cost that arises from the production of a good that is paid by someone who did not participate in the production is called
A) a free rider. B) an externality. C) rent seeking. D) a public failure.
Private information is a situation in which
A) two parties to an exchange have information that is available to outsiders if they ask. B) one party to an exchange has information that is not available to the other. C) the marginal cost of a person's obtaining additional information is zero. D) the marginal cost of making information available to one more person is zero.
Economists devise theories, collect data, and then analyze these data in an attempt to verify or refute their theories
a. True b. False Indicate whether the statement is true or false
The key variable in determining changes in a country's standard of living is the:
A. interest rate. B. long-run rate of economic growth. C. unemployment rate. D. inflation rate.