Collusive pricing - Study guides, Class notes & Summaries

The opportunity cost of one good relative to another reflects: - ANSWER The slope of the budget constraint. Assume that an individual's budget decreases and that prices remain constant. What would happen to his/her budget constraint? The budget constraint line would - ANSWER Shift inward in a parallel manner Observing an individual's indifference curve demonstrates his/her - ANSWER Preferences Assume that Bob's income increases following a promotion at work, but prices do not c...

Edexcel A-Level Economics Terms in this set (1993) Absolute advantage When a country's output of a product per unit of input is greater than that of any other country. Absolute poverty When a person does not have the income or wealth to fulfil their basic needs. Aggregate Demand (AD) The total demand/spending in an economy at a given price level over a given period of time. Made up of consumption, investment, government spending and net external demand. Aggregate Supply (AS) The total...

Question 1 Incorrect Mark 0.00 out of 1.00 Question 2 Incorrect Mark 0.00 out of 1.00 Started on Monday, 8 October 2018, 10:05 PM State Finished Completed on Monday, 8 October 2018, 10:51 PM Time taken 45 mins 58 secs Marks 15.00/20.00 Grade 7.50 out of 10.00 (75%) The law of diminishing marginal returns states that increases in the variable input reduce the total product. Select one: True False The correct answer is 'False'. We should use relatively more labor if we learn that the marginal pr...

Question 1 Incorrect Mark 0.00 out of 1.00 Question 2 Incorrect Mark 0.00 out of 1.00 Started on Monday, 8 October 2018, 10:05 PM State Finished Completed on Monday, 8 October 2018, 10:51 PM Time taken 45 mins 58 secs Marks 15.00/20.00 Grade 7.50 out of 10.00 (75%) The law of diminishing marginal returns states that increases in the variable input reduce the total product. Select one: True False The correct answer is 'False'. We should use relatively more labor if we learn that the marginal pr...

Introducing "Market Structures: Comprehensive Study Guide" Master the concepts of perfect competition, monopoly, monopolistic competition, and oligopoly with the "Market Structures: Comprehensive Study Guide." This comprehensive resource is designed to provide you with a deep understanding of different market structures and their implications for market behavior and outcomes. Perfect Competition Explore the characteristics and dynamics of perfect competition through in-depth explana...

Demand Curve Shift Upward (direct relationship-positive shift) The price of subsitute goods, expectations of price changes, income for normal goods, and extent of market Demand Curve Shift Downward (inverse relationship-neg. shift) The price of complement good, income for inferior goods, and consumer boycotts SWOT analysis strengths, weaknesses, opportunities, threats Three common measures of price inflation: 1. The Consumer Price Index (CP) 2. The Producer Price Index ...