If injections into the circular flow of income exceed withdrawals, which of the following is likely to occur?

In perfect competition, firms can earn supernormal profits in the long run.

A local water utility is the only supplier in its region and charges different rates to households and businesses. Which TWO concepts apply?

Which of the following is most likely to be an example of tacit collusion?

In perfect competition, a single seller can increase profit by raising the price slightly above the market price.

A cinema charges €9 for adults, €6 for students, and €5 for seniors, even though all see the same film. This is:

OPEC’s decision to reduce oil production to raise prices is an example of formal collusion.

Two rival supermarkets quietly avoid aggressive price competition and instead copy each other’s price changes without any written agreement. This is:

Match each characteristic to the correct market structure.

An airline sells the same flight seat to two customers at different prices based on how far in advance they booked. This is an example of: