A coalition of firms who agree to restrict output for the purpose of earning an economic profit is called a(n):

A. oligopoly.
B. duopoly.
C. cartel.
D. pure monopoly.


Answer: C

Economics

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If the additional revenue from hiring an additional worker equals the additional costs from hiring the extra worker, then we know that

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When a firm has an accounting profit that is negative, it

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Economics

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a. True b. False

Economics