Under tacit collusion,
a. firms form an explicit agreement to cooperate
b. prices are usually lower than under perfect competition
c. firms are usually subject to prosecution in the United States
d. there is no explicit agreement for firms to cooperate
e. firms meet to set prices and output levels for the industry
D
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If autonomous consumption is greater than zero and the marginal propensity to consume is greater than zero, but less than one, the consumption function will first be below and then above the 45 degree line
a. True b. False Indicate whether the statement is true or false
Above-equilibrium wages caused by efficiency wages will most likely result in
a. a shortage of labor. b. increased unemployment. c. compensating wage differentials. d. an decrease in the quantity of labor supplied.