The cartel is on the opposite end of the competitive spectrum from the _______________.
Fill in the blank(s) with the appropriate word(s).
cutthroat competitor
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If a firm increases its prices when the demand is inelastic, then the firm will see
A. an increase in revenues. B. a decrease in revenues. C. no change in revenues. D. no effect on the sales of its product.
Quick Buck and Pushy Sales produce and sell identical products and face zero marginal and average cost. Below is the market demand curve for their product. 
If Quick Buck and Pushy Sales decide to collude and work together as a monopolist, then together they should produce ________ units per month and charge ________ per unit.
A. 4,000; $2 B. 3,000; $1 C. 1,000; $3 D. 2,000; $2
To get personal income from national income, one must:
a. subtract out retained earnings, Social Security taxes, and transfer payments, and add in corporate business taxes. b. subtract corporate profits and Social Security taxes, and add in transfer payments and other income. c. subtract retained earnings, corporate business taxes, and transfer payments, and add in Social Security taxes. d. subtract out corporate business taxes, Social Security taxes and transfer payments, and add in retained earnings.
Suppose the central bank implements a monetary contraction that is fully expected by financial market participants. Given this information, we would expect
A) stock prices to rise. B) stock prices to fall. C) stock prices to remain unchanged. D) an ambiguous effect on stock prices. E) stock prices to fall and the interest rate to rise.