In agriculture, where firms producing similar goods are often located near each other, supervision of neighboring firm activity is fairly easy. When these firms come together formally to agree on price and restraint of output, their organization is called a(n)
a. collusive venture
b. cartel
c. cooperative
d. agricultural merger
e. conglomerate
C
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Refer to the scenario above. Which of the following is true in this case?
A) Firm A's dominant strategy is to choose Strategy X. B) Firm B's dominant strategy is to choose Strategy Y. C) Firm A chooses Strategy X if Firm B chooses Strategy Y. D) Firm A chooses Strategy Y if Firm B chooses Strategy Y.
Which of the following is true about the equation of exchange??
a) The equation of exchange can be presented as: M + V = P + Q. b) Velocity represents the average number of times that a dollar is used in purchasing final goods or services in a one-year period. c) ?If M decreases, and V increases, then P must rise and/or Q must rise. d) All of the above are true about the equation of exchange.
Planned aggregate expenditure is total:
A. income of households, businesses, governments, and foreigners. B. planned spending on final goods and services. C. value added in the economy. D. revenue from the sale of goods and services.
The individual quantity demanded is the amount the ________ is willing to ________ at a given price.
A. buyer, purchase B. seller, sell C. seller, purchase D. buyer, sell