If duopolists colluded but then stopped colluding,
a. price and quantity would rise.
b. price would rise and quantity would fall.
c. price would fall and quantity would rise
d. price and quantity would fall.
c
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Jenny sells lemonade in front of her house in the summer. Several other kids in Jenny's neighborhood also run lemonade stands in the summer. If the lemonade market is perfectly competitive and Jenny is charging the equilibrium price, then Jenny can increase her revenue if she:
A. keeps the price of her lemonade the same and increases the output. B. decreases the price of her lemonade and doesn't change her output. C. increases the price of her lemonade and decreases her output. D. increases the price of her lemonade and doesn't change her output.
In August of 2013, the number of employed persons in the United States was 144.2 million, the number of unemployed persons was 11.3 million, and the number of persons not in the labor force was 90.5 million
What was the working-age population in August of 2013? A) 155.5 million B) 246.0 million C) 234.7 million D) 101.8 million E) There is not enough information to answer this question.
Suppose Joe's utility for lobster (L) and soda (S) can be represented as U = L0.5 S0.5. Joe walks into a restaurant with $72. Lobsters cost $18 each and sodas cost $2 each
How much lobster and soda will Joe consume if he intends to spend all his money? (There are no tax and no tips.)
Gains from trade can be realized if each country specializes in the production of a good in which it has a comparative advantage
a. True b. False Indicate whether the statement is true or false