Firms are more likely to collude when the economy is in a recession.
Answer the following statement true (T) or false (F)
False
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The fact that wants cannot be fully satisfied with available resources reflects the definition of
A) the what tradeoff. B) scarcity. C) the big tradeoff. D) for whom to produce.
Suppose you are on a committee seeking to increase revenue from your city's bus system. If demand is _______, you would recommend raising the fare
a. perfectly elastic b. elastic c. unitary elastic d. inelastic
Discuss the statistical evidence concerning the efficient markets hypothesis
A competitive industry consists of 100 firms. The short-run marginal cost curve for each firm is given by MC = 200 + .3Q. The demand curve faced by the industry is given as P = 400 - .1Q. What is the equilibrium price and quantity produced by the industry as a whole?
What will be an ideal response?