Cartels in the United States are
a. legal if price is competitively determined.
b. legal if all firms in the industry agree to the terms of the cartel.
c. legal if all conditions of the cartel are made public.
d. illegal.
d
You might also like to view...
In a game, what is meant when a player is said to have a dominant strategy?
What will be an ideal response?
To face scarcity means individuals
A) choose. B) economize. C) sacrifice some plans over others. D) all of the above.
Al’s Donuts produces about 600 dozen doughnuts daily. If flour prices increase 20 percent,
A. only marginal cost will shift up. B. only marginal cost and average total cost will shift up. C. marginal cost, average variable cost, and average total cost will shift up. D. marginal cost, average total cost, average variable cost, and average fixed cost will shift up.
What does it mean when the products sold by the firms in an industry are homogeneous?
A) The product sold by one firm is a perfect substitute of the product sold by another firm in the same industry. B) Firms in the industry can produce the same product with different inputs. C) All firms in the industry are identical in size. D) The product sold by one firm is a perfect complement of the product sold by another firm in the same industry.