If a firm perceived that the other firm in an implicit pricing agreement dropped its price in response to a change in market conditions, then its most likely response would be to:

A. match the other firm's price.
B. engage in a price war.
C. raise price to punish the other firm.
D. keep its price the same.


Answer: A

Economics

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?  Output (units) 0 1  2   3   4  5 Total Revenue ($)  0 9 16 21 27 31 Total Cost ($) 10 12 15 19 26 35To maximize its profits, the firm described in Table 8-1 should produce ____ unit(s) of output.

A. 1 B. 2 C. 3 D. 4

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a. True b. False Indicate whether the statement is true or false

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Which of the following is an example of a progressive tax?

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One reason unions have declined as a percent of the workforce is that workers have shifted from __________ to __________ industries, which are harder to organize.

A. manufacturing; service B. service; manufacturing C. financial; manufacturing D. None of these choices are correct.

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