A form of implicit collusion where one firm in an oligopoly announces a price change which is matched by other firms in the same industry is
A) "follow the leader" pricing.
B) price leadership.
C) retaliation pricing.
D) "tit-for-tat" pricing.
Answer: B
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An important assumption in the theory of public choice is that
A) individuals will act within the political process to maximize their individual well-being. B) individuals will act within the political process to maximize their collective well-being. C) individuals will only operate outside the political process when their well-being is involved. D) scarcity does not exist in the government sector.
Which of the following is the best example of an investment in human capital?
a. on-the-job training received by an apprentice electrician b. an increase in the number of hours worked per week by a worker in an unskilled laboring job c. the purchase of company stock by a worker d. payments into a retirement pension plan by a skilled laborer
The price elasticity of demand increases with the length of the period to which the demand curve pertains because:
A. consumers' incomes will increase. B. consumers will be better able to find substitutes. C. the demand curve will shift outward. D. all prices will increase over time.
Refer to the information provided in Figure 19.1 below to answer the question(s) that follow. 
Figure 19.1 Refer to Figure 19.1. The employers? tax burden is
A. $0. B. $700. C. $1,400. D. $2,100.