Which of the following represents an example of a major cartel in global markets?
a. The Organization of Wheat and Corn Exporting Countries (OWCEC)
b. The Organization of Petroleum Exporting Countries (OPEC).
c. The Brotherhood of Scrap Iron Exporting Countries (BSIEC).
d. The Amalgamated Association of Alfalfa Producing Countries (AAAPC).
b
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A small change in a variable is
A) a ceteris paribus change. B) an efficient change. C) a marginal change. D) an average change.
Refer to the above table. What is the marginal factor cost when the firm employs the third unit of labor?
A) $62 B) $57 C) $25 D) $21
The average fixed cost curve always has a negative slope because:
a. marginal costs are below average fixed costs. b. average variable costs exceed marginal costs. c. total fixed costs always decrease. d. total fixed costs do not change as output increases.
Often, candidates running for political office will speak in general terms instead of specific terms because voters agree more on __________ than __________
A) benefits; costs B) costs; benefits C) means; ends D) ends; means E) none of the above