Which of the following is an example of implicit collusion?
A) price leadership B) a retaliation strategy
C) a second-price auction D) product differentiation
A
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Mark can make 3 tables and 1 chair in a day while John can make 4 tables and 1 chair in a day. Which of the following is true?
A) Mark has a comparative advantage in making tables. B) Mark has an absolute advantage in making tables. C) John has an absolute advantage in making tables. D) John has a comparative advantage in making chairs.
On a graph showing the relationship between x and y, the ceteris paribus condition implies that
A) no other variables are related to x and y. B) the value of x is held constant. C) the value of y is held constant. D) other variables not shown are held constant.
In a union shop, prospective employees must be union members before they can be hired
Indicate whether the statement is true or false
The effect of an import quota is to
a. raise the price and reduce the quantity of imports. b. raise the price and the quantity of imports. c. lower the price and the quantity of imports. d. raise the quantity and reduce the price of imports.