Best Ink and Ink Jets are two ink suppliers that are competing with each other. If Best Ink announces an upcoming price change next month, it may be signaling to Ink Jets its intent to engage in ________.
A) a Cournot oligopoly
B) a Stackelberg oligopoly
C) a Chamberlin oligopoly
D) tacit collusion
D) tacit collusion
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Which of the following will most likely occur during the recessionary phase of a business cycle?
A. Real GDP rises, and the unemployment rate falls. B. Real GDP declines, and the rate of inflation rises. C. The sales of most businesses decline, and the unemployment rate rises. D. Inflation rises, and employment/population ratio falls.
If average fixed costs equal $60 and average total costs equal $120 when output is 100, the total variable cost must be:
A. $40. B. $60. C. $6,000. D. $8,000.
Economic models take into account the effect of trade on the distribution of income.
Answer the following statement true (T) or false (F)
Assume a small nation has the following statistics: its consumption expenditure is $15 million, investment is $2 million, government expenditure on goods and services is $1 million, exports of goods and services to foreigners is $1 million, and
imports of goods and services from foreigners is $1.5 million. Calculate this nation's GDP.