Which of the following would make cheating on a collusive agreement more likely?
a. greater ease of observing other firms' prices
b. a reduction in the number of sellers in the market
c. close monitoring by the Department of Justice
d. more frequent shifts in market demand
e. an increase in the number of customers in the market
D
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What was the most immediate impact of introducing the horse to the plains Indians?
a. A decrease in the amount of agricultural work the Indians did b. A large increase in the size of hunting groups c. More intensive and more efficient use of animal carcasses. d. More time was spent in fixed locations
The long run outcome of the monopolistically competitive firm:
A. is not efficient. B. does not maximize profits. C. is the same as the short-run outcome. D. maximizes total surplus.
Which of the following is the best definition of money?
a. anything generally accepted as a payment for goods or repayment of debt b. anything that is a liability of the federal government c. anything that is a liability of a commercial bank d. coins and currency in the hands of the public
Sellers may choose not to sell in certain markets because: a. it is possible to practice price discrimination against customers
b. buyers are unable to perceive the high quality of their goods and are, therefore, less willing to pay for them. c. they are able to impose negative externalities on third parties. d. an above-average profit potential is projected.