Explicit price fixing:
A. is illegal in the U.S. and in the European Union.
B. is illegal only in the United States.
C. is illegal only if the firms engage in punishment strategies.
D. has not occurred in recent years.
Answer: A
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Refer to the figure below.________ inflation will eventually move the economy pictured in the diagram from short-run equilibrium at point ________ to long-run equilibrium at point ________, 
A. Rising; B; C B. Falling; A; C C. Falling; A; B D. Rising; A; C
Relative to uniform-price policy, price discrimination across segmented markets (sometimes called third-degree price discrimination):
a. always reduces welfare. b. always increases welfare. c. may increase welfare if total output falls. d. may increase welfare if total output rises.
Under the binding price ceiling of $4, what would be the black market price?
A. $14 B. $12 C. $16 D. $10
Of the following high-income countries, which has the lowest infant mortality rate?
A) Canada B) Japan C) the United Kingdom D) the United States