Collusion is:
A. more likely in perfectly competitive markets.
B. not affected by firm's ability to enter a market.
C. more likely when the threat of market entry is missing.
D. less likely when the threat of market entry is missing.
Answer: C
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If another worker is hired with a marginal product greater than the previously hired worker, which of the following will be true?
A) Total costs will decrease. B) Fixed costs will decrease. C) Marginal cost will increase. D) Marginal cost will decrease. E) Average fixed costs will increase.
If the supply of a good decreases and demand remains constant equilibrium price:
a. Will decrease, and equilibrium quantity will increase b. Will increase, and equilibrium quantity will decrease c. And quantity will decrease d. And quantity will increase