An agreement between the dominant firm and the fringe members to keep output low often breaks because:
a. the fringe firms usually appropriate a larger share of the profits.
b. the agreement is not self enforcing.
c. the dominant firm usually appropriates a larger share of the profits.
d. both have an incentive to charge a higher price for their output.
B
Economics
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Which of the following is not an example of a type of factor of production?
a. land b. labor c. government d. capital
Economics
When the supply of workers is plentiful, one would predict that market wages would be
a. determined outside the domain of economic theory. b. determined solely by factors that affect demand. c. low, other things equal. d. high, other things equal.
Economics