A firm in a cartel typically cheats on its collusive agreement by raising its price and restricting output more than it agreed to with other cartel members.
Answer the following statement true (T) or false (F)
False
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The vertical portion of the aggregate supply curve shows that at full employment an increase in the price level will:
A. not alter the economy's full-employment real GDP. B. increase the economy's full-employment real GDP. C. reduce the quantity of goods and services purchasers will demand. D. improve the overall efficiency of resource use.
When money prices are used to facilitate comparisons of value, money is said to function as a
A) unit of account. B) medium of exchange. C) store of value. D) payments-system ruler.
Suppose there is an increase in the confidence that workers have in their future employment and income. This will cause
A. an increase in borrowing, which will increase interest rates. B. an increase in saving, which will decrease interest rates. C. an increase in borrowing, which will decrease interest rates. D. an increase in saving, which will increase interest rates.
Explain two important characteristics of indifference curves for two goods
Please provide the best answer for the statement.