The greater the number of firms in a colluding oligopoly, the ________ the gain from undercutting the monopoly price and the ________ the potential future loss from a price war.

In the late 19th century, the chief railroad terminus was:

a. New York. b. Chicago. c. New Orleans. d. St. Louis.

An outcome is socially optimal if it:

A. maximizes total economic surplus. B. is determined by the government. C. leaves no unexploited opportunities for individuals. D. is an equilibrium outcome.