If four large commercial contractors meet and collude on the bids they are going to submit for a large government road contract, this is an example of ________.
A) bid suppression
B) output restrictions
C) bid rigging
D) market division
C) bid rigging
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The mean (average) of 5 numbers is 130. If one of the numbers is recorded incorrectly as 59 instead of 95, what would be the correct mean?
A) 126.52 B) 130 C) 137.2 D) 140
The cutthroat oligopolist has a ___________ demand curve.
Fill in the blank(s) with the appropriate word(s).
In the short-run Keynesian model where the marginal propensity to consume is 0.75, to offset a recessionary gap resulting from a $1 billion decrease in autonomous consumption, transfers must be:
A. decreased by $1 billion. B. increased by $1.33 billion. C. decreased by $1.33 billion. D. increased by $1 billion.
Starting at the top of a straight-line downward sloping demand curve, as the price falls, total expenditures will
A) initially increase and then decrease. B) initially decrease and then increase. C) increase along the entire demand curve. D) decrease along the entire demand curve.