A cartel is a group of firms that:
a. agree to increase industry output in order to boost profits
b. agree to restrict industry output in order to boost profits.
c. agree to differentiate their products from one another.
d. together control a significant portion of an industry's output, but fail to consider the behavior of rivals when making decisions.
b
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A) labor; wages B) entrepreneurship; profit C) human capital; interest D) labor; profit
The thesis of racial inferiority is rather recent
Indicate whether the statement is true or false
Which of the following is NOT a service?
A) physical labor purchased by a producer B) things purchased by a consumer that do not have physical characteristics C) a diamond used in an engagement ring D) tasks performed by someone else
Assuming food and beverages make up about 15 percent of total expenditures and food and beverage prices rise by 10 percent while the other components of the price index remain constant, approximately by how much will the price index rise?
A. 25 percent B. 15 percent C. 1.5 percent D. 1 percent