The long-run Phillips curve is downward-sloping

Most people buy insurance because they

a. are risk lovers b. enjoy the gamble c. are risk neutral d. want to avoid gambles

An agreement between the dominant firm and the fringe members to keep output low often breaks because:

a. the fringe firms usually appropriate a larger share of the profits. b. the agreement is not self enforcing. c. the dominant firm usually appropriates a larger share of the profits. d. both have an incentive to charge a higher price for their output.