An agreement among firms in a market about quantities to produce or prices to charge is called
a. collusion.
b. Nash equilibrium
c. dominant strategy.
d. behavioral economics.
a
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Macroeconomic equilibrium occurs when the quantity of real GDP _______ equals the quantity of _______
A. demanded; real GDP supplied B. demanded; potential GDP C. supplied; potential GDP D. demanded; real GDP supplied and potential GDP
In the long run the relevant cost is total cost
Indicate whether the statement is true or false
The use of money and credit controls to change macroeconomic activity is known as:
A. Fiscal policy. B. Monetary policy. C. Supply-side policy. D. Eclectic policy.
A union will be more successful at forming when the firm's labor demand curve is inelastic because under these conditions the union organizers can "promise"
A. large wage gains with minimal employment losses. B. low union dues. C. large wage gains and large employment gains. D. small wage gains and minimal employment losses. E. small wage losses but large employment gains.