It is more likely for tacit collusion to occur in the ________ market compared to the ________ market.
A) luxury cruise ship; paper towel
B) paper towel; commercial airline
C) dog food; luxury cruise ship
D) paper towel; luxury cruise ship
A) luxury cruise ship; paper towel
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If supply is perfectly elastic in a consumer goods market, a per unit tax will always be inefficient unless the market demand curve for consumers is perfectly inelastic.
Answer the following statement true (T) or false (F)
A market supply curve reflects the
A) marginal private costs of producing a good or service. B) marginal social costs of producing a good or service. C) external costs of producing a good or service. D) external benefits of producing a good or service.
On January 1, 2010, a homeowner borrowed $5,000 for a term of six months to complete some home improvements, paying an annual interest rate of 8 percent. How much principal and interest will the homeowner pay back on July 1, 2010?
A. $2,500 B. $2,900 C. $5,200 D. $5,400
A critical assumption
a. makes an economic model a more concrete representation of reality b. eliminates unnecessary details from an economic model c. has an important impact on the conclusions of an economic model d. is usually implicit in an economic model e. increases the level of abstraction of an economic model