Collusion always involves firms engaging in a
A) vertical merger.
B) horizontal merger.
C) cooperative game.
D) noncooperative game.
Answer: C
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Which of the following is the most difficult to measure? Changes in ________
A) the size of the labor force B) population C) the quantity of labor D) productivity
The protection of rights is an all-or-nothing proposition
a. True b. False
Your friend Dimitre tells you that he thinks that his favorite basketball team has a 70% chance of winning the next game. This is an example of a(n)
A) objective probability. B) subjective probability. C) risk-averse statement. D) Friedman-Savage preference.
Economic theory suggests that the standard of living of American workers would rise if:
a. the minimum wage were doubled. b. older workers were forced to retire earlier, opening up jobs for younger workers. c. people bought only American products. d. the knowledge and skills of workers improved