The price of Kenwood blender increased from ?150 to ?250. Following the increase in price, quantity demanded of the blender dropped from 500 to 400.
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Cartel pricing refers to an agreement made by members of the cartel to abide by the cartel's price decision. The outcome most closely resembles that of a
a. price discriminator b. godfather oligopoly c. monopolistically competitive industry d. monopoly e. competitive industry
Refer to the information provided in Figure 2.5 below to answer the question(s) that follow.
Figure 2.5Refer to Figure 2.5. The best point for society would be
A. either Point B or Point C, as the total amount being produced at either of these points is approximately the same. B. at any of the labeled points, as all of the points represent an efficient allocation of resources. C. Point C, as at this point there are approximately equal amounts of LCD and OLED televisions being produced. D. indeterminate from this information, as we don't have any information about the society's desires.
The relationship between the price that a perfectly competitive firm can charge buyers and the firm's marginal revenue is that the price is ________ marginal revenue over all output.
A. below B. above C. equal to D. sometimes above and sometimes below
In Figure 32.1, at the market equilibrium price-quantity combination, the value to consumers is 
A. 0P*CQ*. B. 0ACQ*. C. 0ABQD. D. 0PfloorBQD.