A cartel is a group of firms that attempts to
A) maximize joint revenue.
B) maximize joint profit.
C) behave independently.
D) increase consumer surplus.
B
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A firm is experiencing diseconomies of scale if:
A) costs decrease as output expands. B) costs increase as output expands. C) costs stay constant as output expands.
Refer to the information provided in Figure 8.6 below to answer the question(s) that follow. 
Figure 8.6 Refer to Figure 8.6. The vertical distance AB is Outdoor Equipment's
A. total cost. B. marginal cost. C. total fixed cost. D. average fixed cost.
Marginal cost equals
A) total cost minus total variable cost. B) total fixed cost divided by total output. C) total variable cost divided by total output. D) the change in total cost that results from a one-unit increase in output. E) the change in fixed cost that results from a one-unit increase in output.
With a monopsony in the labor market, a union can often raise wages and the number of workers hired
a. True b. False Indicate whether the statement is true or false