Fixed costs can be defined as costs that
a. vary inversely with production.
b. vary in proportion with production.
c. are incurred only when production is large enough.
d. are incurred even if nothing is produced.
d
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Collusion between two firms occurs when
A) announce that each will match its rival's market price. B) firms explicitly or implicitly agree to adopt a uniform business strategy. C) the firms independently pursue strategies that could hurt each other. D) firms act altruistically to bring about the economically efficient outcome.
The Keynesian model
a. assumes a stable, downward sloping Phillips curve in the short run. b. implies a horizontal Phillips curve in the long run. c. shows that the Phillips curve is can be downward or upward sloping in the short run. d. differs from Friedman's analysis pertaining to the vertical long-run Phillips curve.