Question 7 (2 points) An agreement among sellers in a market that limits competition is called: patent. O collusion covert manipulation. O power promotion Question 8 (2 points) A cost imposed on bystanders is cost O: a private O a marginal private B a marginal public an external 4 Question 9 (2 points) A good is characterized as when one person's use of the good does not reduce another person's ability to use the same unit of the good. nonexcludable free nonrival shareable Question 10 (2 points) The two main types of implicit opportunity costs are: bills paid and revenue forgone. bills paid and forgone wages. earned wages and earned interest. forgone wages and forgone interest. Question 11 (2 points) What is the difference between accounting profit and economic profit? Ofixed costs marginal costs explicit financial costs implicit opportunity costs Question 12 (2 points) Junko's car dealership has been suffering from dust on the cars in its lot ever since Mak opened his bakery nearby. The bakery's flour deliveries send waves of dust down the block. Junko offers to cover half of the cost of Mak adding a shelter for his delivery area to reduce the blowing of flour dust toward the dealership. This is an example of reducing a negative externality through: rules and regulations private bargaining cap and trade corrective Cakes and subsidies