What is the difference between explicit collusion and implicit collusion?
What will be an ideal response?
Explicit collusion involves making an agreement about not competing. In implicit collusion, no formal agreement is reached, but firms tacitly avoid competing with each other.
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Why does scarcity lead to the what, how, and for whom questions?
What will be an ideal response?
Suppose market demand facing a monopolist is given by 
. Then the monopolist's marginal revenue curve (in the absence of price discrimination) is
A.
B.
C.
D.
E.
F.
Refer to Figure 2-14. If the two countries have the same amount of resources and the same technological knowledge, which country has an absolute advantage in the production of popsicles?
A) Greenland B) They have the same advantage. C) Iceland D) cannot be determined Table 2-20 shows the number of labor hours required to produce a wristwatch and a pound of rice in Japan and Thailand.
A signal is more effective if less-productive workers find it easier to send than do more-productive workers
Indicate whether the statement is true or false