A cartel is
a. a group of oligopolistic firms that engage in formal collusion
b. a group of monopolistically competitive firms which charge the same price
c. usually legal in the United States
d. an agreement among rival firms to set prices independently
e. illegal throughout the world
A
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Instead of throwing away a worn-out pair of jeans, a cowboy trades them in for $12 . The jeans are resold for $45 to someone who likes to project a rugged image. These transactions are Pareto improvements
a. True b. False
A banker operating under a system of fractional reserves
a. is exposed to potential bank runs. b. must keep a prudent level of reserves. c. must lend money carefully. d. All of the above are correct.
If Noah thinks the last dollar spent on belts yields more satisfaction than the last dollar spent on socks, and Smith is a utility-maximizing consumer, he should
a. decrease his spending on socks. b. decrease his spending on socks and increase his spending on belts. c. increase his spending on belts. d. increase his spending on socks and decrease his spending on belts.
In short-run profit maximization, businesses focus on the ______, holding fixed costs constant.
A. short-term production function B. long-term cost function C. average input cost D. short-term cost function