Collusion
a. is exactly the same thing as competition.
b. involves cooperative actions by sellers at the expense of buyers.
c. requires competitive actions by sellers to win customers from rival firms.
d. can only be achieved in price-taker markets.
B
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Suppose there are three power-generating plants, each of which has access to 5 different production processes. The table below summarizes the cost of each production process and the corresponding number of tons of smoke emitted each.Process(smoke/day) A(4 tons/day) B(3 tons/day) C(2 tons/day) D(1 ton/day) E(0 tons/day) Cost to Firm X ($/day) $500$514$530$555$585 Cost to Firm Y ($/day) $400$420$445$480 $520Cost to Firm z ($/day) $300$325$360$400 $550Suppose the government decides to impose a tax on each ton of smoke emitted. What would be the lowest tax, in whole dollars, that would reduce emissions to 6 tons per day?
A. $36 per ton B. $21 per ton C. $26 per ton D. $41 per ton
If the case study on U.S. / China trade is correct in its analysis of factor abundance,
A) Chinese capital owners should see their income rise as trade increases. B) U.S. skilled labor inputs should see their incomes fall as trade increases. C) U.S. capital owners should see their income fall as trade increases. D) Chinese unskilled labor should see their income rise as trade increases.
According to Robert Higgs,
a. World War II was a period of unique prosperity. b. prosperity came only after World War II ended. c. measures of GDP during World War II are accurate. d. civilian consumption of most items actually rose during World War II.
One common example of a price ceiling is rent control
a. True b. False Indicate whether the statement is true or false