In the oligopoly price-fixing game, the payoffs are the
A) profits of the firms.
B) market shares of the firms.
C) sales of the firms.
D) reputations of the firms.
A
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Scarcity is represented on a production possibilities frontier figure by
A) the amount of the good on the horizontal axis forgone. B) the fact that there are only two goods in the diagram. C) technological progress. D) the fact there are attainable and unattainable points.
Collusion is
A) legal under U.S. antitrust laws if the intent is to increase competition. B) necessary for firms to raise money by borrowing from investors or from banks in order to fund research and development required to develop new products. C) an agreement among firms to charge the same price or otherwise not to compete. D) common among monopoly firms.
An decrease in the price level in the United States will shift the aggregate expenditure line downward
Indicate whether the statement is true or false
All else being equal, a permanent decrease in the saving rate in a steady-state economy would cause
A) an increase in the capital—labor ratio and an increase in consumption per worker. B) an increase in the capital—labor ratio and a decrease in consumption per worker. C) a decrease in the capital—labor ratio and a decrease in consumption per worker. D) a decrease in the capital—labor ratio and an increase in consumption per worker.