The maximum total economic profit that can be made by colluding duopolists
A) is less than the economic profit made by a monopolist.
B) equals the economic profit made by a monopolist.
C) exceeds the economic profit made by a monopolist.
D) bears no necessary relation to the economic profit made by a monopolist.
B
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Voluntary exchange
A. is usually beneficial to one party, but not the other. B. is always beneficial to both parties. C. is occasionally beneficial to both parties. D. occurs only between nations, not between individuals.
The principle of diminishing returns to labor is based on the:
A. cost-benefit principle. B. equilibrium principle. C. principle of increasing opportunity cost. D. scarcity principle.
Of all the taxes collected in the U.S. economy, what percentage is collected by the federal government?
If Bill asks for a second helping of pancakes, then his
a. second helping must be free b. marginal utility of the second helping must be negative c. price per helping is too low d. marginal utility of the second helping must be positive e. marginal utility of the second helping must be less than the marginal utility of the first helping