Cartel members may agree to jointly limit their output in order to ______.
a. lower prices for consumers
b. increase their tie-in sales
c. support the profit-maximizing price
d. comply with strong antitrust laws
c. support the profit-maximizing price
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When economists use the term "big tradeoff" when discussing efficiency they are referring to the tradeoff between
A) external costs and external benefits. B) marginal cost and marginal benefits. C) producer surplus and consumer surplus. D) efficiency and fairness. E) deadweight loss and producer/consumer surplus.
The earliest statement of the principle of comparative advantage is associated with
A) David Hume. B) David Ricardo. C) Adam Smith. D) Eli Heckscher. E) Bertil Ohlin.
Graphically, consumer surplus is the area below the demand curve and above the price
a. True b. False Indicate whether the statement is true or false
Suppose a wave of optimism causes firms to increase investment. To stabilize output and employment, the Federal Reserve will _____
Fill in the blank(s) with correct word