Prices of PlayStation 4 game systems are similar at almost every large retailer and little price competition occurs among these retailers. An explanation for this is
A) retailers are in a prisoner's dilemma which causes them to all charge the same price for PlayStation 4 game systems.
B) pricing PlayStation 4 game systems is a repeated game. Over a long period of time a cooperative equilibrium has been reached where retailers charge high prices for these systems.
C) retailers are all price takers.
D) retailers have lobbied state governments to allow them to collude legally to set the prices of certain products.
B
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The racial profile of colonial South Carolina:
a. was typical of the colonies as a whole. b. was closer to that of the French and British West Indies than to that of its neighboring colonies. c. was dominated by whites until nearly 1750. d. indicates that it had a higher concentration of blacks than any colony except Virginia.
If a firm's implicit costs are greater than its explicit costs, it tells us nothing about whether a firm is earning economic or accounting profits
a. True b. False Indicate whether the statement is true or false
When the Fed buys government bonds on the open market, the money supply expands
Indicate whether the statement is true or false
Desirable characteristics for money do not include
a. divisibility b. portability c. durability d. not being of uniform quality e. a stable supply