The self-correcting tendency of the economy means that falling inflation eventually eliminates:

Which of the following is true? a. Price leadership is a form of explicit collusion

b. Price leadership is more likely when there are a substantial number of roughly equally sized firms in oligopoly. c. A price leader is most likely to be a dominant firm in an industry. d. None of the above is true.

Which of the following productive resources is considered ‘fundamentally different’ from other resources with respect to supply and diminishing returns?

A. labor. B. land. C. physical capital. D. technology.