When firms have agreements among themselves on the quantity to produce and the price at which to sell output, we refer to their form of organization as a
a. Nash arrangement.
b. cartel.
c. monopolistically competitive oligopoly.
d. perfectly competitive oligopoly.
b
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The supply of labor is the relationship between __________
A. the quantity of labor supplied and leisure time forgone B. the real wage rate and the quantity of labor supplied C. firms' willingness to supply jobs and the real wage rate D. the labor force participation rate and the real wage rate
Capital goods are counted the same as consumer goods in the national product accounts
a. True b. False Indicate whether the statement is true or false
When people become underemployed, they not only lose income immediately, but they may also have a permanent decrease in income even after regaining employment
a. True b. False Indicate whether the statement is true or false
Which statement is true?
A. The first trustbusters were Presidents Franklin D. Roosevelt and Harry Truman. B. The merger of Exxon and Mobil oil companies was a vertical merger. C. The Supreme Court did not use the rule of reason in the ALCOA case of 1945. D. The trend toward concentration of business has declined ever since the passage of the Sherman Antitrust in 1890.