Tacit collusion is
a. collusion which is carried out without any explicit agreement among firms.
b. collusion about tacits, rather than strategy.
c. agreements which are sponsored by government.
d. similar to pure competition.
a
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Which of the following statements about the elasticity of demand for a monopolist is TRUE?
A) Since a monopolist produces a good with no close substitutes, the price elasticity of demand for the good is zero. B) A monopolist produces a good with demand that is perfectly inelastic because people can not do without the good. C) Since every good has some substitute, even if imperfect, the demand for a good produced by a monopolist will not have zero price elasticity. D) Since the demand curve of a monopolist is downward sloping, the demand for the good must be inelastic.
The ________ states that things with the greatest value in use frequently have little or no value in exchange.
A. law of reverse exchange B. diamond/water paradox C. utility conundrum D. law of diminishing marginal utility