Staggered price setting ________
A) leads to frequent price adjustments
B) occurs when firms fail to consider the behavior of their competitors
C) is generally illegal
D) all of the above
E) none of the above
E
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Which of the following statements regarding cartels is not correct?
A) Cartels are sometimes difficult to maintain because a member can cheat by raising its price above the agreed price. B) Cartels restrict industry output in order to raise price. C) Cartels are inherently stable, because oligopolistic firms rarely change price. D) are easier to establish and maintain when the cost functions of the individual members are more similar to one another.
Bryan Mackenzie, from Los Angeles, California, is an independent computer consultant. Companies all over the world hire him to design their computer systems. Are the services he renders in Tokyo, Japan, included in the United States GNP? Are they included in the United States GDP? Explain your answers