It is more likely for tacit collusion to occur in the ________ market compared to the ________ market.
A) commercial airline; fast food
B) dog food; cellular telephone provider
C) fast food; commercial airline
D) dog food; commercial airline
A) commercial airline; fast food
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What is marginal benefit? Which curve is also referred to as a marginal benefit curve?
What will be an ideal response?
Downward sloping long-run supply curves occur in markets
A) with learning-by-doing. B) with increasing returns to scale. C) with constant returns to scale. D) Either A or B
Which of the following is true?
a. Decision making should never be centralized b. When decentralizing decision making, figure out a way to transfer information to the decision maker c. When decentralizing decision making, strengthen incentive compensation schemes d. When decentralizing decision making, weaken incentive compensation schemes
Which of the following statements best describes allocative efficiency?
a. As additional increments of resources are added to producing a good or service, the marginal benefit from those additional increments will decline. b. when it is impossible to produce more of one good (or service) without decreasing the quantity produced of another good (or service) c. when a country can produce a good at a lower cost in terms of other goods; or, when a country has a lower opportunity cost of production d. when the mix of goods being produced represents the mix that society most desires