Collusion always involves firms engaging in a
A) vertical merger.
B) horizontal merger.
C) cooperative game.
D) noncooperative game.
C
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In monopolistic competition, each firm's marginal revenue curve lies ________ its demand curve because of ________
A) below; barriers to entry B) below; product differentiation C) above; barriers to entry D) above; product differentiation
Macroeconomics might study which of the following?
A) the causes of domestic unemployment B) decision making undertaken by firms C) decision making undertaken by households D) determinants of the prices of rare goods (e.g., diamonds)
In general, the amount people pay for insurance is:
A. lower than its expected value. B. higher than its expected value. C. higher than its future value. D. lower than its present value.
In a typical year, about what percentage of the world’s output is traded in international markets?
a. 85% b. 55% c. 35% d. 15%