Which of the following is an example of an actual cartel?
a. the three largest cereal producers in the United States
b. General Motors, Ford, and Chrysler
c. the Organization of Petroleum Exporting Countries (OPEC)
d. the three major U.S. cigarette manufacturers
e. U.S. television networks -- ABC, NBC, CBS, and Fox
C
You might also like to view...
In which market structure do firms exist in very large numbers, each firm produces an identical product, and there is freedom of entry and exit?
A) monopoly B) oligopoly C) only perfect competition D) only monopolistic competition E) both perfect competition and monopolistic competition
People have little incentive to contribute to a project if they will be able to enjoy the benefits of the finished project for free
Indicate whether the statement is true or false
Babe Ruth, the famous baseball player, earned $80,000 in 1931 . Today, the best baseball players can earn more than 400 times as much as Babe Ruth earned in 1931 . However, prices have also risen since 1931 . We can conclude that
a. the best baseball players today are about 400 times better off than Babe Ruth was in 1931. b. because prices have also risen, the standard of living of baseball stars hasn't changed since 1931. c. one cannot make judgments about changes in the standard of living based on changes in prices and changes in incomes. d. one cannot determine whether baseball stars today enjoy a higher standard of living than Babe Ruth did in 1931 without additional information regarding increases in prices since 1931.
Figure 7-15
In Figure 7-15, we would expect a move of the budget line from A to B if
a.
the price of machines falls.
b.
the price of labor falls.
c.
output falls.
d.
the product price rises.