If Oligopolists Engaged in Some Sort of Collusion, Industry Output

question 99

Multiple Choice

If oligopolists engaged in some sort of collusion, industry output would be __________ and the price would be __________ than under perfect competition.

• A)smaller, lower
• B)smaller, higher
• C)smaller, no different
• D)greater, lower
• E)greater, higher

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Definitions:

Low Income

Indicates earning levels that are significantly lower than the average or median income in a given region or society.

Labor Productivity

A measure of economic performance that calculates the output per unit of labor input, such as output per hour worked.

Human Capital

The collective skills, knowledge, and experience possessed by an individual or population, viewed in terms of their value or cost to an organization or country.

Agricultural Sector

The segment of an economy devoted to the production, processing, and distribution of food, fibers, and other plant and animal products.