Willingness to pay:
A) is the lowest price that a buyer is willing and able to pay for a unit of good.
B) is the highest price that a buyer is willing and able to pay for a unit of good.
C) is equal to the price of the lowest-priced goods in a consumption bundle.
D) is equal to the price of the highest-priced goods in a consumption bundle.
B
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Successful collusion requires all of the following except
a. a monopoly market with strong barriers to entry b. all firms cooperate, none cheat c. all firms belong to the same industry d. collusion will be more profitable than non-collusion e. the government does not interfere
According to the Added Perspective "Who Can Be Loyal to a Trash Bag?" consumers will try a different 35-mm film for a 50 percent discount in price
Indicate whether the statement is true or false