If oligopolists engaged in some sort of collusion, industry output would be __________ and the price would be __________ than under perfect competition

If expected inflation were 2%, and teh real interest rate was 5%, what sector would be worse off if the actual inflation rate turned out to be 6%

a. Lenders. b. Borrowers. c. Both. d. None.

The Coase theorem asserts that the private market will always solve the problem of externalities and allocate resources efficiently

a. even if private parties experience substantial costs of bargaining. b. even if the initial distribution of legal rights is skewed in favor of some private parties over others. c. only when there is a large number of private parties that engage in bargaining. d. All of the above are correct.