Economists would describe cartels as
A. the opposite of ignoring interdependence.
B. a collusive arrangement.
C. an undesirable form of market organization that may charge a monopoly price.
D. All of the responses are correct.
Answer: D
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With overnight repos, __________ gain access to short-term funds to lend
A) corporations B) banks C) governments D) consumers
If France is capable of producing either cheese or wine or some combination of those two products, then France should:
A. produce the one it is more efficient at producing. B. produce the one for which it has a comparative advantage. C. produce the one for which it has a higher opportunity cost. D. remain self-sufficient if it has the absolute advantage in the production of both.
In a winner-take-all system, the highest incomes go to people with questionable skills, but who are the most competitive in the labor market
Indicate whether the statement is true or false
Oligopolies can end up looking like competitive markets if the number of firms is
a. large and they all cooperate. b. large and they do not cooperate. c. small and they all cooperate. d. small and they do not cooperate.