An example of overt collusion is
A. a cartel.
B. price leadership.
C. tacit collusion.
D. a perfectly contestable market.
Answer: A
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The above table shows production combinations on a country's production possibilities frontier. The opportunity cost of increasing the production of Y from 16 to 28 units is ________ units of good X per unit of good Y
A) 12 B) 6 C) 3 D) There is no opportunity cost when moving from one point to another along a production possibilities frontier so none of the above answers is correct.
In the long run, if the demand curve of a monopolistically competitive firm is tangent to its average total cost curve then
A) the firm would earn an economic profit. B) the firm would earn enough revenue to cover its variable costs, but not its fixed costs. C) the firm would break even. D) the firm would shut down temporarily.
Referring to the Economic Stimulus Act of 2008, the expansionary effect of the government stimulus was overwhelmed by the continuing deterioration in credit market conditions
Everything else held constant and using the ISLM model, the net effect would cause the ________ curve to ________ and output will ________. A) IS; shift left; decrease B) IS; shift right; increase C) LM; shift right; increase D) LM shift left; decrease
As a means of gaining monopoly power, holding companies were preferable to gentlemen's agreements and pooling because
a. holding companies did not have an adverse impact on employment. b. holding companies were able to reduce competition from imported goods. c. holding companies were legal in most states. d. holding companies were not subject to corporate profits taxes.