A monopolistic industry will have lower output and higher prices than a competitive industry.
a. true
b. false
Answer: a. true
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Which of the following conditions can help prolong the life of a cartel?
A) There are only a few firms in the market and they all belong to the cartel. B) There are many firms in the market that are not members of the cartel. C) It is difficult to know what price any cartel member is actually charging. D) The cartel has no ability to punish members who cheat on the cartel.
"Output fell 2 percent last quarter" is an example of a positive economic statement
a. True b. False
Farm productivity per acre grew most rapidly after
a. the Revolutionary War b. the Civil War c. World War I d. the 1929 stock market crash e. World War II
If new government regulations designed to protect wetlands remove very productive farmland from production, then the production possibilities frontier will shift inward
a. True b. False Indicate whether the statement is true or false