For a cartel to be successful in increasing economic profits for its members:
A. individual firms must be encouraged to adjust output so as to maximize their own profits at the cartel price.
B. entry of new firms must be blocked.
C. price must be set equal to marginal cost.
D. price must be set equal to average total cost.
Answer: B
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Bill is a laborer. What is the relationship between Bill's wage and his opportunity cost of an hour of leisure?
Monopoly is a market in which one firm sells a good or service that has? _____ substitutes and? _____ blocks the entry of new firms.
A. ?close; a barrier B. ?close; no barrier C. no? close; no barrier D. no? close; a barrier
Which would you rather have? a) $100 today or b) $200 in 9 years if the interest rate is 8%.
What will be an ideal response?
Refer to the information provided in Table 6.3 below to answer the question(s) that follow. Table 6.3Dozens of Oysters per DayTotal UtilityMarginal Utility160?2104?3134?4152?5?8Number ofBeers per DayTotal UtilityMarginal Utility140?270?394?4114?5?14Refer to Table 6.3. The total utility of five beers per day is
A. 70. B. 128. C. 184. D. indeterminate from this information.