"If firms in an oligopoly enter into a collusive agreement to operate as a monopoly, the industry produces the most output and if they operate as perfect competitors, the industry produces the least output

In the above figure, if the market produces the efficient amount of purses, then consumer surplus equals triangle

A) abc. B) bcd. C) adc. D) cgf.

The French Bakery ran a special which decreased the price of its croissants from $1.50 to $1.00. Although her money income had not changed, Toni decided to buy 2 croissants instead of her usual 1 bagel and 1 croissant

Toni's actions are explained by which of the following? A) income and substitution effects B) price effect C) consumption effect D) income effect only or substitution effect only but not both effects