Which of the following is LEAST likely to be a reason for firms to form a cartel?
A) to maximize profits of the cartel
B) to raise competition among firms in the cartel
C) to cut back output of the cartel
D) to set common prices among firms in the cartel
B
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Which question is an illustration of a microeconomic question?
A. Is the purchasing power of the dollar higher or lower today than it was in 2008? B. Does government spending influence interest rates in the economy? C. Is the volume of wine produced in 1 year dependent on the price of wine? D. Does a government deficit reduce national economic growth?
Protection of rivers in Idaho is a public good. If the marginal social cost of protecting rivers in Idaho exceeds the marginal social benefit of river protection, is there more than, less than,
or the efficient amount of river protection taking place?
The backward-bending supply curve for labor occurs because _____
a. as wages increase, individuals pay higher taxes b. as wages increase, individuals consume more leisure c. as wages increases the number of hours worked increase d. as wages increase, employers cannot afford as many hours
A price elasticity of demand of 2.3% implies
a. Demand is inelastic b. Demand is elastic c. Demand is unitary elastic d. Demand is perfectly elastic