Which of the following best expresses the attitude toward competition of a firm engaged in tacit collusion with its rivals?
A. A rolling stone gathers no moss.
B. Waste not, want not.
C. Do unto others as you would have them do unto you.
D. Ask, and ye shall receive.
Answer: C
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During the Financial Crisis of 2007-2009, banks significantly increased their holdings of excess reserves. What impact did this have on the money multiplier? How would the Fed change the monetary base if it wanted to maintain a stable money supply?
What will be an ideal response?
A price discriminating monopolist will
A) charge a lower price to those consumers who have more elastic demand. B) charge a higher price to those consumers who have more inelastic demand. C) charge more to those consumers who have more substitute goods. D) charge the same price to all consumers.
A price ceiling that sets the price of a good below market equilibrium will cause:
a. An increase in quantity demanded of the good. b. A decrease in quantity supplied of the good. c. A shortage of the good. d. All of these.
Price ceilings are imposed if the government believes:
a. the market will not achieve an equilibrium price.
b. the market equilibrium price is too low.
c. an excess supply of the product exists.
d. the market equilibrium price is too high.
e. the demand will be less than the supply of the product.