A cartel is
A. always successful in raising profits.
B. a formal agreement among firms to collude.
C. a form of covert collusion.
D. legal in the United States.
Answer: B
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Downsizing may result in an increase in accounting costs
Indicate whether the statement is true or false
The price at which a good or service is traded on international markets is called the ________ price.
A. universal B. international C. market D. world
Earth Movers & Shakers operates 3 iron ore mines. The table below shows each mine's total daily production and the current number of miners at each mine. All miners work for the same wage, and each miner in any given mine produces the same number of tons per day as every other miner in that mine. Total TonsPer DayNumber ofMinersMother Lode10025Scraping Bottom3010Middle Drift7515Suppose Earth Movers & Shakers needs to fill an order for 100 tons of ore in a single day. If it has no other orders to fill that day, and it's not possible to transfer miners from one mine to another, it should:
A. take it all from Mother Lode. B. take 30 tons from Scraping Bottom and 70 tons from Mother Lode. C. take 75 tons from Middle Drift and 25 tons from Scraping Bottom. D. take 75 tons from Middle Drift and 25 tons from Mother Lode.
Cost minimization suggests that two inputs should be employed to the point where
A. the marginal cost of each input is identical. B. the extra contribution to physical output of the inputs is identical. C. the marginal product per dollar spent on each input is identical. D. the marginal revenue product of each input is identical.