OPEC has coordinated a reduction in supply that was
a. effective in insulating the members from the decrease in demand in the late 2000s.
b. more profitable in the long run than in the short run.
c. profitable in both the short run and the long run.
d. more profitable in the short run than in the long run.
d
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The United States has not had a surplus in the last 30 years.
A. True B. False C. Uncertain
Refer to Figure 12-5. What is the amount of the firm's fixed cost of production?
A) $5,400 B) $6,750 C) $8,100 D) It cannot be determined.
If AVC is $10 when P = MC, a firm
A) will have positive economic profits if price is greater than $10. B) is producing too little output. C) should shut down if price is less than $10. D) is experiencing economies of scale.
A graph shows the total quantity of zinc that all the zinc producers together are willing to provide at each price. This is an example of a(n) ______.
a. individual supply curve b. market supply curve c. individual demand curve d. market demand curve