Oligopolists almost always cooperate in making price and output decisions
a. True
b. False
Indicate whether the statement is true or false
False
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________ is a statistical technique used to isolate the individual effects of a number of factors on a single outcome
Fill in the blank(s) with correct word
Grace Makutsi finally bought a pair of blue shoes that she had been coveting for a long time. In less than a week she discovered that the shoes were uncomfortable. Grace went back to wearing her old pair and stashed away the new pair
When asked by her boss, Mme. Ramotswe, why does she not simply give away the new pair, she said: "But I paid so much for them." Grace's behavior A) supports the endowment effect which states that ownership of an item makes it more valuable. B) is rational because the more you pay for an item the more valuable it is. C) ignores the fact that the purchase price is now a sunk cost and has no bearing on whether she should give them away or not. D) is rational: she should not discard a valuable item.
Rates of inflation in the hundreds or thousands of percent per year are known as
A) super inflation. B) megainflation. C) hyperinflation. D) overinflation.
When externalities cause markets to be inefficient,
a. government action is always needed to solve the problem. b. private solutions can be developed to solve the problem. c. given enough time, externalities can be solved through normal market adjustments. d. there is no way to eliminate the problem of externalities in a market.