An agreement among firms regarding price and/or production levels is called
a. an antitrust market.
b. a free-trade arrangement.
c. collusion.
d. a Nash agreement.
c
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If technological change occurs in the economy
A) we will move up along the long-run aggregate supply curve. B) we will move down along the long-run aggregate supply curve. C) the long-run aggregate supply curve will shift to the right. D) the long-run aggregate supply curve will shift to the left.
If, beginning from a competitive labor market, some workers form a union and negotiate a higher rate for themselves, which of the following is likely to happen? a. Competition will force the wage rate in the non-union sector to increase to the level of the union wage. b. The marginal product of labor curve will increase in the unionized sector
c. Employment will move from the union to the non-union sector over time. d. Employment will increase in the union sector because workers will be attracted by the higher union wage.
Television would have been considered a "new good" type of innovation because
A. consumers already regularly listened to the radio for entertainment. B. it gave companies a new source of advertising revenues. C. it enhanced the quality of life for most people in the economy. D. it had no equivalent in the past.
If consumption increases while income remains the same, the average propensity to consume will:
A. Increase and then decrease B. Remain constant C. Increase D. Decrease