Bid-rigging has all of these features EXCEPT
a. It is a collusive agreement
b. The bid-riggers pay a smaller amount than without bid-rigging
c. Bid-riggers need an auxiliary mechanism to allocate the good within the bid-riggers
d. Bid rigging is usually a legitimate and legal strategy for the buyer-side
d
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The slowing of the American economy in 2008-2009 gave businesses a strong incentive to raise capital investment
a. True b. False Indicate whether the statement is true or false
If all firms have the same costs of production, then in long-run equilibrium,
a. price exceeds average total cost for all firms. b. price exceeds marginal cost for all firms. c. some firms may earn positive economic profits. d. all firms have zero economic profits and just cover their opportunity costs.
One example of a microeconomic question is, "Should unemployment benefits be increased?"
Answer the following statement true (T) or false (F)
Suppose investment spending is not very sensitive to the interest rate. Given this information, we know that
A) the IS curve should be relatively flat. B) the IS curve should be relatively steep. C) the LM curve should be relatively flat. D) the LM curve should be relatively steep. E) neither the IS nor the LM curve will be affected.