The period between a business cycle peak and the subsequent trough is called

Collusion occurs when firms ________

A) charge a price equal to their marginal cost of production B) conspire to set the quantity they produce or the prices they charge C) compete with each other by setting a price slightly lower than the rival's price D) compete with each other by differentiating their products

Assume there is an improvement in technology that increases the marginal product of each unit of labor. This would have the effect of:

A) reducing the average total cost, average variable cost, and marginal cost of production. B) increasing the average total cost, average variable cost, and marginal cost of production. C) reducing the average variable cost and marginal cost of production, but average total cost would be unchanged. D) reducing the average total cost and average variable cost of production, but marginal cost would be unchanged.