In which of the following situations is cheating on a collusive agreement is most likely?
a. Prices are publicly posted.
b. There are few sellers in the market.
c. The market demand curve is elastic.
d. There are economies of scale.
e. Prices are difficult for competitors to observe.
E
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If unemployment is above its natural rate, what happens to move the economy to long-run equilibrium?
a. Inflation expectations rise which shifts the short-run Phillips curve to the right. b. Inflation expectations rise which shifts the short-run Phillips curve to the left. c. Inflation expectations fall which shifts the short-run Phillips curve to the right. d. Inflation expectations fall which shifts the short-run Phillips curve to the left.
Nearly one-fifth of China's 1.38 billion people are under the age of 15. How will this affect high school enrollment over the next fifteen years? The labor market over the next fifteen years?
What will be an ideal response?