________ is a group of firms colluding to make price and output decisions.
A. An oligopoly
B. A cartel
C. Price leadership
D. A concentrated industry
Answer: B
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When taxes paid by a check are deposited in tax and loan accounts,
A) bank reserves and the money supply are unaffected. B) bank reserves fall but the money supply is unaffected. C) bank reserves are unaffected but the money supply falls. D) bank reserves and the money supply fall.
If money demand decreases due to greater use of credit cards, which of the following would most likely happen under a neutralization policy?
a. The money supply would decrease, real GDP would not change, and neither would the interest rate. b. The money supply would increase, real GDP would not change, and neither would the interest rate. c. The money supply would decrease, real GDP would increase, and the interest rate would decrease. d. The money supply would increase, real GDP would not change, and the interest rate would decrease. e. The money supply would decrease, real GDP would decrease, but the interest rate would not change.
The more essential the good, the more price inelastic will be the demand for a good
Indicate whether the statement is true or false
Wilbur's Bean Emporium serves barbeque sandwiches over the lunch hour. The marginal cost of t he 50th barbeque sandwich is $1.50. The average total cost of the 49th sandwich is $1.75. For Wilbur's Bean Emporium, __________ when output is 50 sandwiches.
Fill in the blank(s) with the appropriate word(s).