Economists define “efficiency” as the absence of waste.

Collusion is more successful in a game that will continue forever or in a game with an uncertain ending time than in a game with a known ending time

What will be an ideal response?

There is a specific relationship between the price of a bond and its yield. Which of the following describes that relationship?

a. If the price falls, the yield stays the same, but if the price rises, the yield rises. b. As the price falls, the yield falls. c. If the price rises, the yield stays the same, but if the price falls, the yield falls. d. As the price rises, the yield rises. e. As the price rises, the yield falls.