If Happy Campers is in tacit collusion with four smaller camping firms and Happy Campers consistently makes price changes that the other four firms then also make, this is an example of ________ by Happy Campers.
A) a meet-or-release clause
B) a precommitment
C) a meet-the-competition clause
D) price leadership
D) price leadership
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A monopsonist is currently employing 50 workers at $10 an hour. It wants to hire an additional worker, but will have to pay the worker $10.10. The marginal factor cost is
A) ten cents. B) $10.00. C) $10.10. D) $15.10.
Within the framework of economics, optimization means providing a good or service until
a. total benefits are maximized. b. total benefits and total costs are equal. c. marginal benefits exceed marginal costs by the greatest amount possible. d. marginal benefits and marginal costs are equal. e. as long as total benefits are greater than total costs, any amount may be optimal under the right circumstances.
The superstar phenomenon explains why professional athletes earn more than amateur athletes
a. True b. False Indicate whether the statement is true or false
Whenever a regulatory system is set up, individuals or firms being regulated will figure out ways to get around these regulations. This is referred to as the law of:
A. demand. B. unintended consequences. C. diminishing returns. D. diminishing control.