The distribution of income has become more equal since 1929

When consumption is rival and excludable, the product is a

A) public good. B) private good. C) mixed good. D) service, not a good.

Which of the following is true of price leadership?

a. Price leadership requires that firms collude. b. Price leadership will not exist when there is a dominant firm. c. Price leadership may come into being as firms recognize the benefits of not engaging in competitive pricing. d. Price leadership is most likely to arise when no firm has a history of making accurate evaluations of market conditions. e. Price leadership is never used in the real world.