Traveler's checks are included in M1 but not in M2
Indicate whether the statement is true or false
FALSE
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In a perfectly competitive industry
A. economic profits may exist in the short run but not in the long run. B. economic profits may persist in the long run if consumer demand is strong and stable. C. no economic profits can exist in either the short run or the long run. D. economic profits may exist in the long run but not in the short run.
Answer the following statements true (T) or false (F)
1) Tacit collusion is more likely to occur in the commercial airline market than the fast food market. 2) Price visibility can work both for and against tacit collusion. 3) When firms have a tacit collusion agreement, if prices are highly visible, this decreases the cost of cheating. 4) The primary function of meet-the-competition clauses is to win customers. 5) Most-favored-customer clauses can help support tacit collusion.
Big Alice Ice Cream Parlor reduced its price of an ice cream cone from $1 to 90 cents. Sales consequently increased from 1,000 cones per week to 1,050 . The approximate price elasticity is
a. 0.20. b. 0.46. c. 2.16. d. 5.00.
On a graph of a production possibilities curve, if a point is attainable, then it:
A. is efficient only if it does not exhaust all currently available resources. B. must completely exhaust all currently available resources. C. must be efficient. D. might or might not be efficient.