In which of the following cartels is total cartel profit likely to be the highest?
A) a cartel made up of firms of various sizes each producing the same quantity of a differentiated product
B) a cartel made up of identical firms each producing the same quantity of a homogeneous product
C) a cartel made up of equal sized firms each producing different quantities of a differentiated product
D) a cartel made up of firms of various sizes each producing different quantities of a homogeneous product
B
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An ordinance making it illegal for people to park commercial vehicles on the street overnight in residential areas
A) protects property rights. B) takes away property rights. C) protects some property rights and takes away others. D) has nothing to do with property rights. E) reduces negative externalities for residents of affected areas.
Who helps calculate GDP in the United States?
A) the Bureau of Economic Analysis B) the Census Bureau C) the Bureau of Labor Statistics D) all of the above E) none of the above
If we include cash benefits and in-kind benefits available to low-income people, the share of the U.S. population in poverty
A. increases somewhat. B. drops dramatically. C. increases dramatically. D. does not change.
Refer to the diagram. With MB1 and MC1, society's optimal amount of pollution abatement is
A. Q3. B. Q4. C. Q1. D. Q2.