A group of firms that colludes to limit competition by assigning production quotas and setting a uniform price for all is called a(n)
a. conglomerate
b. balanced oligopoly
c. cartel
d. oligopoly with kinked demand curves for each of the firms in the collusion
e. unbalanced oligopoly
C
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When a firm has earnings it has not yet paid out to the owners, those earnings are called
A) surplus capital. B) cash reserves. C) unearned income. D) retained earnings.
Differentiating products to suit customers' tastes is a form of price discrimination
Indicate whether the statement is true or false
A movement from point N to point L would represent
A. an increase in both consumer goods and capital goods.
B. a decrease in both consumer goods and capital goods.
C. an increase in consumer goods, but a decrease in capital goods.
D. an increase in capital goods, but a decrease in consumer goods.
Since the government has been paying out farm subsidies
A. the number of family farms has increased by about 40 percent. B. the number of family farms has increased by 10%. C. the number of family farms has decreased by 10%. D. the number of family farms has decreased by 70 percent.