Gasoline stations regularly post their prices on large signs for consumers to see. This practice could also facilitate ______ in the industry.
a. price leadership
b. tie-in sales
c. mergers
d. easy entry
a. price leadership
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A central bank can help stop a bank panic by
A) calling in consumer loans. B) raising the required reserve ratio. C) acting as a lender of last resort. D) decreasing income taxes.
A _________ exchange rate policy allows monetary policy to focus on inflation and unemployment, but also raises a risk that exchange rates may sometimes make large and abrupt movements.
a. flexible b. pegged c. fixed d. fragmented
Which of the following government functions most clearly prevents rent-seeking behavior from leading to a socially inefficient Nash equilibrium?
a) provision of national defense b) operation of Social Security c) provision of public education d) issuance of patents e) establishing municipal rent control on urban apartments
Total cost divided by the quantity of output the firm chooses when it can choose a production facility of any size describes:
A. the short-run average cost of production. B. the long-run average cost of production. C. the short-run marginal cost of production. D. the long-run marginal cost of production.