Refer to Table 14-8. If the two firms collude, is there an incentive for either to cheat on the collusion agreement?
A) Yes, but only Brawny Juice is in a position to gain by cheating.
B) Yes, but only Power Fuel is in a position to gain by cheating.
C) Yes, either firm can gain if it, alone, cheats.
D) No, neither firm can gain by cheating.
C
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In the mid-1970s, antitrust policy began a new phase characterized by
a. the use of per se rules. b. reliance on economic analysis. c. the definition of a monopoly as a firm with dominant market share. d. repeal of the Clayton Act.
Economists refer to expenditures on training, education, and skill development designed to increase the productivity of an individual as: a. overhead expenditures
b. investments in human capital. c. marginal revenue product. d. investments in social capital.
Total Product is
A) the change in total product resulting from an extra unit of labor, holding other factors constant. B) the ratio of output to the number of workers used to produce that output. C) the amount of output that can be produced by a given amount of labor. D) equal to the marginal product of labor when the average product is increasing.
Figure 34-9
?
In Figure 34-9, Pestoland at price OA
A. is importing MN pasta from Pastaland. B. is exporting MN pasta to Pastaland. C. is exporting XY pasta to Pastaland. D. is exporting OZ pasta to Pastaland.