Compared to a perfect competitor, the colluding oligopolist
A. charges a higher price.
B. has a higher ATC and is therefore less efficient.
C. restricts output.
D. All of the choices are correct.
D. All of the choices are correct.
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A tax is regressive if it
A. is levied on consumers. B. takes a smaller percentage of income as income increases. C. takes a higher percentage of income as income increases. D. takes the same percentage of income regardless of income level.
According to classical growth theory, people earn only a subsistence real income because of growth in
A) technology. B) employment. C) population. D) labor productivity. E) capital.
Which of the following correctly describes the relationship between productivity growth, unemployment, and the economy's production possibilities frontier?
A) An increase in productivity moves the economy from inside the production possibilities set to its frontier. B) An increase in productivity shifts the economy from the production possibilities frontier to a point outside the production possibilities set. C) An increase in unemployment shifts the economy further inside its production possibilities set. D) An increase in unemployment shifts the economy from a point outside the production set back to the production possibilities frontier. E) A reduction in unemployment shifts the entire production possibilities frontier outward.
A public good can be excludable or nonexcludable.
Answer the following statement true (T) or false (F)