In a cartel, participating members can cheat by
A. letting more entrants join the cartel.
B. producing a lower production level than the cartel quota.
C. leaving the industry.
D. charging a slightly lower price and raising production.
Answer: D
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If the above figure illustrated a perfectly competitive industry, the equilibrium market output would be equal to
A) 7. B) 11. C) 13. D) 22.
Explain how exchange rates affect the level of aggregate economic activity and the price level. Use appropriate AS/AD diagrams to illustrate your answer.
What will be an ideal response?
The implementation of the assembly line is an example of how
A) changes in the organization of production improve productivity. B) neutral technical change improves productivity. C) non-neutral technical change can decrease productivity. D) labor saving technical change increases economy-wide unemployment.
If the farm adopted a new technology, which allows it to use fewer resources to fatten chickens, explain how the farm's production possibilities will change. Explain how the opportunity cost of producing a bushel of soybean will be affected
What will be an ideal response?