Collusion:
A. is observed, but economists cannot theoretically model it.
B. occurs only when no dominant strategy is present.
C. is a theoretical concept that is rarely observed.
D. is a cooperative outcome between competitors.
Answer: D
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The firm in the above figure has a markup of ________ per meal
A) $0 B) $4 C) $8 D) $10 E) more than $10
If we are comparing the price of regular gasoline with the price of super gasoline, then an increase in the relative price of regular gasoline implies that
A) the nominal price of regular gasoline increased. B) the nominal price of super gasoline decreased. C) the relative price of super gasoline decreased. D) the relative price of regular gasoline increased.
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"Income received by households before payment of personal taxes" is known as
A. Personal income. B. Disposable income. C. Saving. D. Net domestic product.