All of the following are true regarding tacit collusion except which one?
A) It is more likely when barriers to entry are high.
B) It is illegal.
C) It is more likely when the price elasticity of demand is small.
D) It harms buyers.
B) It is illegal.
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If the demand for labor ________, real wages fall and the amount of labor employed ________
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
Refer to Table 4-13. The equations above describe the demand and supply for Aunt Maud's Premium Hand Lotion. What are the equilibrium price and quantity (in thousands) for Aunt Maud's Lotion?
A) $60 and 30 thousand B) $20 and 60 thousand C) $30 and 20 thousand D) $20 and 30 thousand
Which of the following is not one of the theories that have emerged as alternatives to the HO model?
A) The human skills theory. B) The product life cycle theory. C) The similarity of preferences theory. D) All of the above have been suggested as alternatives to the HO model.
The least liquid asset on this list is
A) money. B) bonds. C) houses. D) stocks.