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
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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
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.
Most flat tax proposals call for exempting income to a certain minimum level
a. True b. False Indicate whether the statement is true or false
Which of the following is an example of a progressive tax?
a. Social Security tax b. federal income tax c. excise tax d. payroll tax