Since a union represents individuals rather than firms, it cannot be considered a monopoly
a. True
b. False
Indicate whether the statement is true or false
False
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Which of the following is an example of a way in which an oligopolistic firm can escape the prisoner's dilemma?
A) advertising that it will match its rival's price B) ignoring the pricing decisions of the other firms C) producing more of its product D) reneging on a previous tacit agreement with rival firms to charge identical high prices
Refer to Figure 6.1. At point C
A) the marginal product of labor is greater than the average product of labor. B) the average product of labor is greater than the marginal product of labor. C) the marginal product of labor and the average product of labor are equal. D) the marginal product of labor and the average product of labor are both increasing. E) Both B and D are correct.