A cartel is a group of consumers that tries to act together to increase their bargaining power.
a. true
b. false
Answer: b. false
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A trend is a general tendency for a variable to increase or decrease over time
Indicate whether the statement is true or false
Which of the following are necessary conditions for successful price discrimination?
a. zero transactions costs b. a perfectly competitive market structure c. an imperfectly competitive market structure d. at least two different markets with different price elasticities of demand e. at least two different markets with different price elasticities of supply A) a, b, and d only B) c and d only C) a, c, d, and e only D) a and c only
Suppose a perfectly competitive market is in equilibrium, and then market supply increases. Which of the following would happen?
a. producer surplus would definitely increase and consumer surplus may increase or decrease b. producer surplus would definitely decrease and consumer surplus may increase or decrease c. consumer surplus would definitely decrease and producer surplus may increase or decrease d. consumer surplus would definitely increase and producer surplus may increase or decrease e. producer and consumer surplus would remain unchanged
When the production possibilities curve is bowed out, resources are
a. equally well-suited to production of both goods. b. not being used efficiently. c. not equally suited to the production of both goods. d. available in larger and larger quantities as more of one good is produced.