Which of the following market structures describe an industry in which a group of firms formally agree to control prices and output of a product?
a. Perfect competition
b. Oligopoly
c. Cartel
d. Monopoly
c
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Health insurance companies impose deductibles on policies and copayments on claims to
A) increase prices. B) increase sales. C) reduce the moral hazard problem. D) increase asymmetric information.
Which of the following contributes to increasing marginal returns?
A) decreasing implicit costs B) increasing explicit costs C) specialization of labor D) Both answers A and B are correct. E) Both answers A and C are correct.
The opportunity cost of producing a unit of consumption at point b in the figure ________ point a
A) is greater than at B) is less than at C) cannot be compared with D) is the same as
Economies of scale result as a firm increases in size and expands its use of resources. Productivity increases and fixed production costs are spread over an increased number of goods and services
Which of the following are types of economies of scale? (a) Command economies (b) External economies (c) Open economies (d) Closed economies