The Dango describes
A. covert collusion in the Japanese construction industry.
B. a Korean business arrangement whereby only firms with insider connections may enter an industry.
C. a bribe paid by colluding business firms to get government contracts in Asia.
D. the price set by the price leader in Eastern European oligopolies.
A. covert collusion in the Japanese construction industry.
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Four stores have a problem with theft and security is a public good. Let S stand for the number of person-hours of security patrols per week. The marginal benefit of security patrols to each of the stores is given by the formula MB = 200/(1 + S). Patrols cost $25 per hour. If each store provided security independently, how much would each store purchase?
A. 15 person-hours of patrols per week B. 7 person-hours of patrols per week C. 8 person-hours of patrols per week D. 16 person-hours of patrols per week
If the quantity of money demanded exceeds the quantity supplied:
A. the supply-of-money curve will shift to the left. B. the demand-for-money curve will shift to the right. C. the interest rate will rise. D. the interest rate will fall.
According to the Five Forces Model, there are five competitive forces that determine the level of ________ in an industry.
A. entry and exit B. product differentiation C. supply and demand D. competition and profitability
Geneva is spending her entire income on goods X and Y. Her marginal utility from the last units of X and Y that she consumes is 36. Geneva's utility is only maximized if
A. the price of good X is twice that of good Y. B. the price of good Y is twice that of good X. C. the prices of X and Y are the same. D. We cannot determine whether Geneva is maximizing her utility.