If the several oligopolistic firms that comprise an industry behave collusively, the resulting price and output will most likely resemble those of:
A. bilateral monopoly.
B. pure monopoly.
C. monopolistic competition.
D. pure competition.
Answer: B
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Employing the government budget diagram shown in Figure 5-1 above, assume that the economy is initially in equilibrium at point A. The movement A to D represents
A) an increase in government spending and/or a decrease in taxes. B) a decrease in government spending and/or an increase in taxes. C) a decrease in government spending and a decrease in taxes. D) an increase in government spending and an increase in taxes.
Two-part pricing offers a mechanism whereby the firm can
A) charge two different prices to distinct groups of customers. B) collect two times as much from consumers as a single-price monopoly can. C) capture some or all of the consumer surplus. D) reduce some of its fixed costs.
Which of the following industries likely will be a long-term, inherent comparative advantage for the United States?
A. Manufacturing of commodities B. Automobiles C. Textiles D. Agriculture
Which of the following do economists consider to be the main way to improve living standards for workers?
A. Falling price levels. B. Lower saving rates. C. Growth in the labor force. D. Productivity growth.