The firms in a market have decided not to compete with one another and have agreed to limit output and raise price
A) This practice is known as concentrating and is legal in the United States and Canada.
B) This practice is known as collusion and is illegal in the United States.
C) In this way firms take advantage of economies of scale.
D) This is an effective barrier to entry, but is illegal in the United States.
B
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A fall in the price of a firm's output
A) decreases the firm's demand for labor. B) increases the firm's demand for labor. C) decreases the firm's supply of labor. D) increases the firm's supply of labor.
The lengths of the recession and expansion phases and which sectors of the economy are most affected will rarely be the same in any two business cycles
Indicate whether the statement is true or false
With a managed float, monetary disequilibrium is eliminated through
A) international reserve flows. B) exchange rate changes. C) international reserve flows and exchange rate changes. D) None of the above.
To ensure that we get the same result for price elasticity no matter which direction we move on the demand curve, we must take the average of the
a. initial price and the initial quantity demanded and the average of the new price and the new quantity demanded b. new price and the initial quantity demanded and the average of the new quantity demanded and the initial price c. initial price and the new price and the average of the initial quantity demanded and the new quantity demanded d. initial price and the new price only e. new quantity demanded and the initial quantity demanded only