OPEC (Organization of Petroleum Exporting Countries) is an example of a cartel in the output market for petroleum. Major League Baseball could be considered a cartel in the __________ market for baseball players
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If all resources used in the production of a product are increased by 20% and total output increases by 20%, then the firm must be experiencing
A. diseconomies of scale. B. economies of scale. C. increasing average total costs. D. constant returns to scale.
Which of the following is an example of spending on goods and services in the circular flow model?
A) Belinda purchases a new computer for her tax-preparation business. B) Timmy purchases a new examination table for use in his veterinary clinic. C) Celeste buys fresh herbs at the farmers' market to use in her restaurant. D) Javier buys 800 square feet of wood flooring for his vacation home.
If you are following a tit-for-tat strategy in a repeated game, and your opponent makes a cooperative move, you will:
A. collude. B. price compete. C. defect. D. make a cooperative move in the next round.
Average total cost for an information product would
A) first decrease and then increase as quantity increases. B) increase constantly as quantity increases. C) decrease constantly as quantity increases. D) remain constant as quantity increases.