If all of the firms in an oligopoly successfully collude and form a cartel, then total profit for the cartel is equal to what it would be if the market were a monopoly
a. True
b. False
Indicate whether the statement is true or false
True
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Which of the following is an example of a subsidized service?
A) Social Security payments to retirees B) Social Security payments to widows C) welfare payments to the unemployed D) Medicare reimbursements to hospitals
A worker deciding how many hours to work can be represented:
A. with an individual labor-supply curve. B. in the market labor-supply curve. C. with an individual labor-demand curve. D. in the market labor-demand curve.
Government provides a nonexcludable public good that the public demands and can't seem to acquire through the market. This is government
A) acting as a transfer mechanism. B) being non-productive. C) engaging in rent-seeking activities. D) being productive. E) a and c
If a nation is going to achieve and sustain a high rate of economic growth, it must
What will be an ideal response?