Tacit collusion is
A. collusion that is carried out without any explicit agreement among firms.
B. collusion about tactics, rather than strategy.
C. agreements that are sponsored by government.
D. similar to pure competition.
Answer: A
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Normally an increase in the supply of a good will cause
A. a shift of consumer preferences in favor of that good. B. consumers to use more of that good and less of others. C. a shift of consumer preferences away from that good. D. consumers to use less of that good and more of others.
If a perfectly competitive industry becomes a monopoly and the costs do not change, which of the following allocation of costs and benefits applies?
A) The producer benefits, but consumers and society are harmed. B) The producer and society are harmed, but consumers benefit. C) The producer and society benefit, but consumers are harmed. D) The producer is harmed, but consumers and society benefit. E) The producer, consumers, and society all benefit.
In a command economy, _____
a. buyers and sellers get together to make economic decisions about the four fundamental economic questions b. an exchange is made without any agreement on immediate or future rewards c. the government makes economic decisions about the four fundamental economic questions d. goods and services are directly exchanged for other goods or services
Do monetarists favor rules or discretionary policy? Why?
What will be an ideal response?