A group of producers that agree to coordinate their production is called a
A) cartel.
B) monopoly.
C) free market competition.
D) vertical merger.
A
You might also like to view...
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is Qs = 0.02W - 200 and Qd = 500 - 0.02W, where W is the annual wage of a coal miner and Q is the number of coal miners. What is the wage required to hire the profit maximizing number of workers?
A. $25,000 B. $50,000 C. $20,000 D. $15,000
If both prices increase by 10 percent and money income remains constant, the budget line for both goods in question will:
a. become steeper b. become flatter c. will have the same slope d. will become vertical.
The nation's largest cable TV company tested the effect of a price reduction for premium movie channels. It lowered prices 10% and found that the number of customers rose by almost 50%. This means: a. the demand curve for the premium movie channels shifted to the right. b. the supply curve for premium movie channels shifted to the left
c. the demand for premium movie channels is elastic in this price range. d. the demand for premium movie channels is inelastic in this price range.
What determines the correct level of input for labor in a firm?
a. Marginal resource cost is higher than marginal revenue product. b. Marginal revenue product is expected to exceed the wage. c. The average total cost of labor exceeds marginal revenue product. d. Marginal resource cost exceeds average total cost of labor.