5. Oligopoly terminology Two beer-brewing companies, Piwo and Olut, operate in a duopoly. Initially, they achieve tacit collusion, charging beer prices in excess of their marginal costs and earning substantial economic profit. Suppose new management at Piwo decides to cut prices in order to increase its market share and profit. In response, the management at Olut slashes its prices below marginal cost in an effort to push Piwo out of business. This is an example of: A price war Price leadership A carte

exaclty 30 degrees celcius is the answer

1   all nations face the problem of scarcity because there are limited resources and unlimited wants. nations do not have enough factors of production to produce everything that their population wants. entrepreneurial resources initiate businesses to make new goods and services; labor resources produce goods and services.

2 there are four factors of production: natural resources, labor resources, capital resources, and entrepreneurial resources. natural resources are raw materials from nature that are used to produce goods. trees, water, and grains are natural resources. some natural resources, such as wheat and cattle, are renewable

3 wants

things that you do not need to have in order to survive, but would like to have

needs

things that you must have in order to survive

goods

physical products

services

tasks that a business perform for customers

resources

items that people can use to make or obtain what they need or want

determine

to settle or decide by choice of alternatives or possiblities

4 i really dont know

answer(b) gdp is not affected by

scott's production of the jewelry box;