A cartel is
A. generally legal in the United States.
B. a group of firms acting under collusion to control output and maximize group profits.
C. similar to a monopolistically competitive industry.
D. a group of firms acting like a perfectly competitive industry.
B. a group of firms acting under collusion to control output and maximize group profits.
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Real income equals a household's income
A) in terms of the quantity of goods the household can buy. B) multiplied by the prices of the goods it buys. C) divided by the prices of the goods it buys. D) multiplied by the relative prices of the goods it buys.
A country is said to be experiencing deflation when
A) prices of most goods and services are rising over time. B) prices of most goods and services are falling over time. C) total output is rising over time. D) total output is falling over time.
By 1860, the U.S
(a) had achieved an equal distribution of income and wealth. (b) had experienced growth in both agriculture and manufacturing, but growth in manufacturing had begun to outpace agriculture. (c) land had become the primary income-earning asset. (d) experienced a slowdown in urbanization and rapid expansion in agriculture at the expense of manufacturing.
Which of the following possibly determines the allocation of goods and services in a free market?
a. The availability of raw materials b. The cost of production c. The level of government intervention d. The ability of the producers to produce a differentiated product e. The willingness and ability of consumers to pay for the product