Collusion occurs when
A) there is an agreement among firms to charge the same price or otherwise not to compete.
B) firms refuse to follow their price leaders.
C) a firm chooses a level of output to maximize its own profit.
D) two firms' price and output decisions come into conflict.
A
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When individuals make decisions about how much schooling to obtain, they
A) do not take account of the personal benefits that it creates. B) do not take account of the external benefits that it creates. C) overvalue the personal benefits that it creates. D) overvalue the external benefits that it creates.
According to the idea of laissez faire
A. Markets lead to efficient economic outcomes B. Business should not interfere in markets C. Markets require govt intervention for efficiency D. Markets lead to equilibrium E. As much as possible, govts should not interfere with markets