A cartel is:
A. a firm that always has a dominant strategy.
B. a number of firms who collude to make collective production decisions about quantities or prices.
C. a duopoly with more than two firms.
D. the "leader" of an industry, typically the firm with the largest market share.
Answer: B
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A) production possibilities B) marginal cost C) demand D) supply
All of the following are shown on a firm's income statement except
A) revenues B) rate of return for investors C) costs D) profits
Total revenue is equal to quantity multiplied by average revenue
a. True b. False Indicate whether the statement is true or false
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a. falls short of equilibrium GDP. b. exceeds equilibrium GDP. c. equals equilibrium GDP. d. All of the above are correct.