Tactic collusion occurs when firms: meet and play the prisoner’s dilemma just once. limit competition with one another but they do so without…

Tactic collusion occurs when firms:

                meet and play the prisoner’s dilemma just once.

                limit competition with one another but they do so without explicit agreement or communication.

                meet and decide on their collusion tactics.

                cheat rather than cooperate.

Sometimes advertising does not appear to be about price, quality, or availability.

                False

                True

Which of the following is NOT an example of product differentiation?

                Shell versus Chevron

                They are all examples of product differentiation.

                Coca-Cola versus Pepsi

                Levi’s versus American Eagle

                Advertising can make potential customers more interested in buying, or at least sampling the product.

                False

                True

As the wage for janitors falls, firms will demand:

                no janitors.

                more janitors.

                fewer janitors.

                a constant number of janitors.

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