Cartels are difficult to maintain because
a. antitrust laws are difficult to enforce.
b. cartel agreements are conducive to monopoly outcomes.
c. there is always tension between cooperation and self-interest in a cartel.
d. firms pay little attention to the decisions made by other firms.
c
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Suppose the demand for saline solution is perfectly inelastic for contact lens wearers
If the government imposes a tax on saline solution, what occurs? Be sure to tell what happens to the price paid by the buyers and discuss the incidence of the tax.
Most currency trades in London do not involve the British pound
Indicate whether the statement is true or false
Changes in the output of a perfectly competitive firm, without any change in the price of the product, will change the firm's
a. total revenue. b. marginal revenue. c. average revenue. d. All of the above are correct.
Which of the following teams is not in its original franchise?
A. The Green Bay Packers (football) B. The Arizona Cardinals (football) C. The Pittsburgh Steelers (football) D. The Kansas City Royals (baseball)