Microeconomics can be used by governments to predict the impacts of a policy and suggest solutions to problems

The value of total output and total income in the simple circular flow model

A) include only intermediate goods. B) are equal to each other. C) are measures of the economy's level of savings. D) are related in the sense that national income is less than national product.

Overt collusion is relatively rare because: a. they are illegal in some countries, including the United States. b. members find it difficult to agree on key decisions

c. members frequently have an incentive to cheat on the cartel. d. of all the above reasons.