When firms cooperate with each other rather than compete:
A. consumers will end up better off.
B. the firms will end up better off.
C. both consumers and firms end up better off.
D. they will agree to set low prices to help each other out.
Answer: B
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An expectation of increased prices of a good in the future is likely to:
A. increase current demand. B. decrease current demand. C. have no impact on current demand. D. only affect seller's decisions.
Firms in a monopolistically competitive industry are free to enter or leave the industry at will
a. True b. False Indicate whether the statement is true or false
When a currency is overvalued, international reserves ________ and the country has a balance-of-payments ________.
A. increase; deficit B. decrease; surplus C. increase; surplus D. decrease; deficit
Marshall and Lily work at a local department store. Marshall, who greets customers as they arrive, is paid less than Lily, who cleans the bathrooms. This is an example of
a. efficiency wages. b. a compensating differential. c. human capital. d. signaling.