A cartel
a. has one firm that acts as the price leader
b. is a group of firms engaged in price discrimination
c. acts like a monopoly
d. involves competition between rival firms
e. prices its output equal to marginal cost
C
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To achieve long-run equilibrium in an economy with a recessionary gap, without the use of stabilization policy, the inflation rate must:
A. not change. B. increase. C. decrease. D. either increase or decrease depending on the relative shifts of AD and AS.
Total utility is the benefit received from consuming an extra unit of a good
Indicate whether the statement is true or false
From the mid-1960s to the present, what would a graph of U.S. productivity rates against time reveal?
(a) A stable upward trend in the amount of output per paid hour (b) An unstable but upward trend (c) A U-shape (d) A downward trend
When the price of a good falls, there will be
A) an outward shift in the good's demand curve. B) both an outward shift in the good's demand curve and a movement along the good's demand curve. C) a movement along the good's demand curve. D) no change in quantity demanded.