Drug dealers agreeing to sell drugs at a certain price is an example of
A. collective bargaining.
B. a monopoly.
C. a cartel.
D. an entrepreneur.
Answer: C
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Between 1981 and 2013, the overall mortality rate in the United States
A) remained fairly constant. B) decreased by more than 25 percent. C) slowly but steadily increased. D) was similar to the average rate in most low-income countries.
Income is a poor measure of relative position when attempting to determine horizontal equity.
A. True B. False C. Uncertain
With successful collusion that maximizes the total profits of the firms in the market,
a. the market demand curve shifts leftward b. monopoly power allows the sellers to charge whatever price they want for their joint output level c. each firm faces a horizontal demand curve for its output d. each firm can sell as much output as it chooses at the price set by the cartel e. the pricing decision is constrained by the market demand curve
In the figure above, which of the following points indicates the efficient use of resources? A) a B) f C) g D) h