Studies have shown that the tit-for-tat strategy is ineffective at maintaining a price fixing agreement.
Answer the following statement true (T) or false (F)
False
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A price ceiling does NOT lead to a deadweight loss if ________
A) the equilibrium market price lies below the price ceiling B) the equilibrium market price lies above the price ceiling C) the price elasticity of market demand is greater than 1 D) the price elasticity of market supply is greater than 1
As competitors enter a monopolistically competitive industry, the incumbent firms demand curves shift
a. To the left and become less elastic
b. To the right and becomes less elastic
c. To the left and becomes more elastic
d. To the right and becomes more elastic
If we want to use a measure of inflation that foreshadows price changes before they affect prices at the retail level, we would base our measure of inflation on
A) the household price index. B) the GDP deflator. C) the producer price index. D) the consumer price index.
All of the following accurately describes China's currency peg EXCEPT
A) pegging against the dollar ensured that Chinese exporters faced stable prices on exports to the U.S. B) some U.S. firms complained that the peg gave Chinese firms an unfair advantage over U.S. firms. C) the Chinese currency was allowed to depreciate moderately in the years preceding the financial crisis. D) many economists argued that the Chinese currency was undervalued.