A market with four firms in competition with each other has a equilibrium price of $6 and equilibrium quantity of 100,000. If the four firms form a cartel, the cartel, set price will be ________ than $6 and the set quantity will be ________ than 100,000.
A) greater; less
B) less; greater
C) greater; greater
D) less; less
A) greater; less
You might also like to view...
Use the following graph showing cost curves for a perfectly competitive firm to answer the next question.
If the market price decreases to $0.55, the profit-maximizing quantity of output is
A. 0. B. more than 20, but less than 35. C. 20. D. 15.
Health problems prevent people from working harder, which can lower a country's total income. This indicates that in effect, health problems
A) shift a country's production possibilities frontier inward. B) increase the incentive to work. C) decrease consumer surplus. D) are a primary cause of price decreases.
What is the shape of the AS in the short run and the long run?
a. AS is relatively flat in both the short and long run. b. AS is relatively flat in the short run, but steeper in the long run. c. AS is relatively steep in both the short and long run. d. AS is relatively steep in the short run, but flatter in the long run.
In 2008, about ____% of all American children under 6 in a family headed by a female lived in poverty.
A. 25 B. 32 C. 44 D. 53