The Economic Stabilization Act of 1970 gave private industry the right to establish wage and price controls, but President Nixon vetoed this power

Successful tacit collusion is most likely to arise among oligopolistic firms when they:

a. are all the same size. b. all have the same production costs. c. do not have a means of engaging in nonprice competition. d. each play the tit for tat strategy.

An inelastic demand indicates that

A) quantity demanded does not vary with changes in the price. B) relatively small changes in price lead to relatively large changes in quantity demanded. C) relatively large changes in price are required to obtain a relatively small change in quantity demanded. D) relatively large changes in quantity demanded lead to relatively large changes in price.