Informal collusion to restrict output and increase prices is sometimes referred to as a:

If an individual's opportunity cost of commute is $300 per month and his monthly commuting time is 60 hours, his opportunity cost of time is:

A) $10 per hour. B) $5 per hour. C) $30 per hour. D) $60 per hour.

If the price elasticity of demand for a good is 2.0, then a 10 percent increase in price results in a

a. 0.2 percent decrease in the quantity demanded. b. 5 percent decrease in the quantity demanded. c. 20 percent decrease in the quantity demanded. d. 40 percent decrease in the quantity demanded.