If three pizza delivery companies agree to decrease their output and raise the price of their pizzas to $15, this is an example of ________.
A) resale price maintenance
B) bid rigging
C) market division
D) price fixing
D) price fixing
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After eating four slices of pizza, you are offered a fifth slice for free. You turn down the fifth slice. Your refusal indicates that the
A. marginal utility for four pizza slices is negative. B. marginal utility is positive for the fourth slice and negative for the fifth slice. C. marginal utility for the fourth slice is the largest among all slices. D. total utility for five pizza slices is negative.
A firm's demand for labor curve
A) is the same as its value of marginal product of labor curve. B) shows how many jobs the firm demands at different wage rates. C) shifts rightward when the price of the firm's output falls. D) None of the above answers are correct.
What did Harvard economist Edward Chamberlain say about the observation that a monopolistically competitive firm's average cost of production exceeds its minimum average total cost?
A) Chamberlain argued that these higher costs represent the wastefulness of this market structure. B) Chamberlain argued that this belief is incorrect. In his view, monopolistically competitive firms do not produce at a cost above their minimum average total costs. C) According to Chamberlain, this cost difference represents the value consumers place on variety and having more choice. D) In Chamberlain's view, this is evidence that monopolistic competition uses society's resources inefficiently and in a fashion that merits government intervention.
Wages set above the equilibrium wage by
a. firms to increase morale are called collective bargaining wages. b. lawmakers to decrease cyclical unemployment are called minimum wages laws. c. firms to increase productivity are called efficiency wages. d. lawmakers to decrease the length of a job search are called efficiency wages.