What is an agreement among members of an oligopoly to set prices and production levels called?
(A) Price leadership.
(B) Competition.
(C) Imperfect monopoly.
(D) Collusion.
Ans: (D) Collusion.
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In order to maximize its profit, a single-price monopoly always produces output in the inelastic range of the demand for its product
Indicate whether the statement is true or false
When resources are at full capacity, output is less responsive to changes in ____ and the price level is ____
a. prices; stable b. prices; less responsive c. aggregate demand; highly responsive d. aggregate demand; less responsive
When do we say that a bank is loaned up?
a. When its debtors don't want to repay b. When it is susceptible to a bank panic c. When its excess reserves equal zero d. When it is part of a fractional reserve banking system e. When its required reserves are equal to its excess reserves
If exchange rates are determined in a floating rate system, what determines the value of a U.S. dollar in terms of euros?
a. government exchange rate policies b. IMF rules and policies c. demand and supply d. central bank interventions