Average fixed cost can be calculated using any of the formulas below except

A model that sometimes makes incorrect predictions may be used by economic decision makers

a. under no circumstances b. only if its assumptions are detailed and realistic c. if it is mathematical and computerized d. if it is simple enough for a child to understand e. until a better model is developed

If oligopolists engaged in some sort of collusion, industry output would be __________ and the price would be __________ than under perfect competition

a. smaller, lower b. smaller, higher c. smaller, no different d. greater, lower e. greater, higher