Tacit collusion occurs when price- and quantity-fixing agreements among producers
A. are legal.
B. are explicit.
C. are implicit.
D. are nonexistent.
Answer: C
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A commercial bank's reserves are
A) bonds issued by the U.S. government that are very safe. B) the provision of funds to businesses and individuals. C) currency in its vault plus the balance on its reserve account at a Federal Reserve Bank. D) savings and time deposits. E) its loans.
When a minimum wage is ________, the firms' surplus and workers' surplus shrink, a deadweight loss ________, and resources are lost in job search
A) inefficient; arises B) inefficient; disappears C) efficient; arises D) efficient; disappears E) nonexistent; arises
In the above figure, if the market price rises from $100 to $125 per ton of wheat, then producer surplus
A) decreases. B) does not change. C) increases. D) might increase, decrease, or not change depending on how the demand curve for wheat shifts.
When at least one productive resource is fixed, the firm is producing
a. in the short run. b. in the long run. c. only one type of product. d. at least two products.