OPEC is an example of a producer's cartel that is successful because of its ability to institute tariffs on oil exports
a. true
b. false
b. false
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How are the following events likely to affect an economy's production possibilities curve?
a. An increase in the working population of the economy b. The import of better production technology c. A natural disaster that destroys some of the economy's resources d. Emigration of workers to other countries
Alex's production is worth $60 and Harry's is worth $40 . They decide to form a coalition and produce together such that their combined production is worth $135 . What is the maximum benefit Alex can earn while ensuring Harry does not leave the coalition?
a. $75 b. $96 c. $77.5 d. $94
At the output level defining allocative efficiency
A. the areas of consumer and producer surplus necessarily are equal. B. consumer surplus exceeds producer surplus by the greatest amount. C. marginal benefit exceeds marginal cost by the greatest amount. D. the maximum willingness to pay for the last unit of output equals the minimum acceptable price of that unit of output.
A good that is not scarce
A. is not in demand. B. would have a vertical supply curve over the relevant range. C. would have a zero price. D. would have an infinite price.