A bid rotation scheme in a cartel is where
a. The cartel members do not participate in auctions
b. The cartel members never bid against each other
c. The cartel members take turns winning the bids and do not bid against the member whose turn it is to win
d. All of the above
c
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The ________ the proportion of one's budget spent on a good, the ________ the elasticity of demand
A) greater; lower B) greater; greater C) lower; greater D) lower; more responsive
What is the key macroeconomic issue of the short run and what is the key macroeconomic issue of the long run?
What will be an ideal response?
Most of economic analysis assumes that most people act as if they are: a. motivated by submerged emotional needs
b. driven by magnetic forces generated by planetary movements. c. motivated primarily by concern for the well-being of others. d. motivated by self-interest.
If two workers can produce 22 units of output, and the addition of a third worker increases output to 30 units, the marginal product of the third worker is
a. 8 units. b. 10 units. c. 22 units. d. 30 units.