In a typical cartel agreement, the cartel maximizes profit when it
a. behaves as a monopolist.
b. behaves as a duopolist.
c. is flexible in enforcing production targets.
d. behaves as a perfectly competitive firm.
a
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A normal good is one
A) with a downward sloping demand curve. B) for which demand increases when the price of a substitute rises. C) for which demand increases when income increases. D) none of the above
When demand is elastic, an increase in price causes the seller's total revenue to:
A. decrease. B. increase. C. fall to zero. D. remain the same.
For which of the following types of firms is the buying and selling of stocks and bonds not a primary function?
A. securities firms B. investment banks C. mutual fund companies D. thrifts
The rate of economic growth will be faster if
A. consumption spending is greater. B. the rate of saving is higher. C. the rate of growth of the money supply is higher. D. the rate of growth of the population is higher.