Cartels display a pronounced tendency to disintegrate over time because
A) increased profits induce laziness and carelessness among cartel members.
B) nobody benefits in the long run from their operation since they merely redistribute wealth.
C) their operation is so blatantly contrary to the public interest.
D) there are so many margins on which competition can occur.
D
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Shortages occur at prices which are above the market clearing price
Indicate whether the statement is true or false
If real GDP per capita measured in 2009 dollars was $6,000 in 1950 and $48,000 in 2016, we would say that in the year 2016, the average American could buy ________ times as many goods and services as the average American in 1950
A) 1/8 B) 4 C) 8 D) 12
Whether a dominant strategy is an optimal strategy for a firm depends upon the actions of competitors
a. True b. False Indicate whether the statement is true or false
The Federal Reserve consists of ________ regional banks, ________ governors on the Board of Governors, and ________ voting members of the Federal Open Market Committee.
A. 12; 7; 19 B. 14; 7; 21 C. 7; 12; 12 D. 12; 7; 12