The chances of successful collusion are greatest when
a. firms are producing a differentiated product.
b. there are many firms in the industry.
c. there are tiny firms and huge firms together in the same industry.
d. demand curves and cost curves are similar among the firms in the industry.
e. demand is falling.
D
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Which of the following is the most essential prerequisite for successful conduct of the "game" of urban traffic?
A) An advance plan to coordinate the moves of participants B) Drivers who care as much about other people's interests as their own C) Extensive information on other drivers' destinations and objectives D) General consensus on and following of traffic rules
Most macroeconomic variables that measure some type of income, spending, or production fluctuate closely together
a. True b. False Indicate whether the statement is true or false
If a firm is hiring a certain type of labor under purely competitive conditions:
A. its labor demand curve will be perfectly elastic at the market-determined wage rate. B. the labor supply curve will lie above the marginal labor cost curve. C. the labor supply and marginal labor (resource) cost curves will coincide and be upsloping. D. the labor supply and marginal labor (resource) cost curves will coincide and be perfectly elastic.
If the price of gasoline were $5, many people would stop buying gasoline while others would continue to do so. This would indicate
A) those who are buying gasoline value it at least $5 per gallon. B) those who are not buying gasoline value it more than $5 per gallon. C) only those who are extremely wealthy are buying gasoline. D) the price of gasoline needs to be regulated by the Federal Government.