Opportunistic behavior by oligopolies means
A) that firms cooperate in both the long run and in the short run to prevent others from entering the industry.
B) that firms cooperate in the short run for current gains.
C) that firms refuse to cooperate in the short run.
D) that firms refuse to honor their product guarantees.
Answer: B
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In the above figure, if there is no minimum wage, the equilibrium employment is ________; if the government imposed a minimum wage of $8 per hour, employment is ________
A) 4,000 hours; 2,000 hours B) 3,000 hours; 4,000 hours C) 3,000 hours; 2,000 hours D) 4,000 hours; 3,000 hours
If August futures for a commodity are currently trading at $9.30/bushel, and you expect the basis in July to be $0.30/bushel over the August futures, then you expect the July cash price to be:
A. $9.05/bushel under August B. $9.55/bushel over August C. $9.00/bushel D. $9.60/bushel