Which of the following is a difference between a cartel and a monopoly?
a. A cartel will seek to decrease production in order to increase profits, whereas a monopoly will seek to increase production in order to increase profits.
b. A cartel is a price taker, whereas a monopoly is a price setter.
c. The members of a cartel each have an incentive to cheat on the agreed-upon quantity and price, whereas a monopoly has no such incentive.
d. The members of a cartel sell homogeneous products, while a monopoly sells differentiated products.
c
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A straight-line demand curve has the same elasticity throughout its length.
Answer the following statement true (T) or false (F)
Refer to Figure 3-1. A decrease in the price of a complementary good would be represented by a movement from
A) A to B. B) B to A. C) D1 to D2. D) D2 to D1.
The United States gained significant strength globally in manufacturing production during the Civil War (1861–1865)
Indicate whether the statement is true or false
Figure 6-1
illustrates the four possibilities of the distribution of costs and benefits among voters for a government project. For which types of projects would government action most likely work well, undertaking only efficient projects and rejecting inefficient ones?
a.
types A and B
b.
types B and D
c.
types B and C
d.
types A and D