Oligopolists have a mutual interest in coordinating production decisions in order to maximize joint
A. Costs.
B. Profits.
C. Market share.
D. Revenues.
Answer: B
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Park rangers at Yellowstone National Park are known to have low wages. This is probably because
a. park rangers are required to be college graduates. b. park rangers don't need much money to live. c. park ranger jobs are perceived to be dangerous. d. park ranger jobs are perceived to be "fun."
For a given short-run Phillips curve, if expected inflation is 8% but actual inflation is 10%, is the unemployment rate above or below its natural rate?
From 1865 to 1900, the production of wheat, corn, and cotton
A. increased much more slowly than population growth. B. increased somewhat more slowly than population growth. C. increased at about the same pace as population growth. D. increased faster than population growth.
An economy where there is a wide gap between the compensation of the top workers in certain fields and that of the merely competent workers is called a(n)
A. inequality economy. B. hyperinflation economy. C. superstar economy. D. competitive economy.