When oligopoly firms collude to raise prices,
A. Each firm benefits, but society loses.
B. Only the price leader benefits while other firms and society lose.
C. Both the colluding firms and society benefit.
D. Everyone is eventually a loser.
Answer: A
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If the price level is 90, then the price level will ________ because ________
A) either fall or rise; markets are unstable and macroeconomic equilibrium is difficult to predict B) fall; the aggregate quantity demanded is less than the aggregate quantity supplied C) rise; the aggregate quantity demanded is less than the aggregate quantity supplied D) rise; the aggregate quantity demanded is greater than the aggregate quantity supplied E) fall; the aggregate quantity demanded is greater than the aggregate quantity supplied
A difference in wages between a highly-educated worker and a less-educated worker
a. may be due to a difference in the amounts of human capital between the workers. b. may be a signal that the market is indifferent to a worker's level of human capital. c. is considered unfair by economists. d. is considered unfair by everyone.
Which of the following is not likely to be a government objective?
a) Increasing employment b) Increasing economic growth c) Increasing government spending d) Increasing the level of exports
Which of the following statements is false?
A. One of the basic principles capitalism is based on is to "trust no one." B. To have real competition in a market economy no one business should be able to have any influence over price. C. A basic trade-off exists between the goals of equity and efficiency for a society. D. The forces of supply and demand will NOT automatically lead to an equitable distribution of income.