The form of economic organization in which productive resources are privately owned by individuals, and those individuals independently decide what to produce is called

A government that generates revenue mostly through an inflation tax faces the risk of:

A) rapidly falling prices. B) hyperinflation. C) mass tax evasion. D) a sudden fall in revenue.

Consider two oligopolistic industries selling the same product in different locations. In the first industry, firms always match price changes by any other firm in the industry

In the second industry, firms always ignore price changes by any other firm. Which of the following statements is true about these two industries, holding everything else constant? A) Market prices are likely to be the same in both markets because they are both oligopolistic markets. B) No conclusions can be drawn about the pricing behavior under these very different firm behaviors. C) Market prices are likely to be lower in the first industry where firms always match price changes by rival firms than in the second where firms ignore their rivals' price changes. D) Market prices are likely to be higher in the first industry in which firms always match price changes by rival firms than in the second where firms ignore their rivals' price changes.