The two tendencies of a firm in a cartel are the incentive to:
a. cheat to maximize joint profits and the incentive to raise prices.
b. cheat and avoid collusion and the incentive to raise price to maximize the firm's share of profits.
c. increase output in order to minimize per-unit cost and the incentive to reduce price in order to maximize joint profit.
d. cooperate to maximize joint profits and to cheat on the agreement in order to increase the firm's share of the profit.
d
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Based on the table above, the CPI for 2013 is
A) 100. B) 105.1. C) 98.5. D) 5.0%. E) 102.5.
Which is the largest category of income in the United States?
A) self-employment income B) corporate profits C) employee compensation D) net interest income E) none of the above
Suppose a firm in a competitive market earned $1,000 in total revenue and had a marginal revenue of $10 for the last unit produced and sold. What is the average revenue per unit, and how many units were sold?
a. $5 and 50 units b. $5 and 100 units c. $10 and 50 units d. $10 and 100 units
Suppose a market has many firms and each firm has some brand image. This type of market is called:
A.) Duopoly. B.) Monopoly. C.) Monopolistic competition. D.) Oligopoly.