Cartels persist despite laws against them because
A) international cartels are legal.
B) it is impossible to convict firms.
C) of the Prisoners' Dilemma issue.
D) All of the above.
A
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If a monopoly firm is continually earning above-normal profits, then
a. the entry of new firms will reduce profits to normal in the long run b. the profits may remain above-normal in the long run despite the entry of new firms c. market forces other than the entry of new firms will reduce profits to normal in the long run d. falling market demand due to the firm's high prices will reduce profits to normal in the long run e. barriers to entry may enable the profits to remain above-normal in the long run
When two goods are perfect complements, the indifference curves are right angles
a. True b. False Indicate whether the statement is true or false
If inflation is highly volatile, money is:
A. less valuable because its unit of account function is reduced. B. more valuable because its unit of account function is reduced. C. more valuable because you need more of it. D. less valuable because there is less of it.
If a product has a diminishing, but positive, marginal utility, then:
A. Total utility decreases at an increasing rate B. Total utility will become negative C. Total utility increases at a diminishing rate D. Total utility decreases at a diminishing rate