Which of the following is true of a successful cartel?
a. A successful cartel offers consumers the lowest possible price for a product.
b. A successful cartel minimizes profits for its members.
c. A successful cartel behaves as a monopolist in the market.
d. A successful cartel produces a quantity greater than that produced in a competitive market.
e. A successful cartel is always stable.
c
You might also like to view...
All the production points that lie ________ the total product curve are attainable and ________
A) above; efficient B) above; inefficient C) below; efficient D) below; inefficient
Which of the following can a nation use to shift the supply or demand for its currency?
A. Fiscal, monetary, and trade policies. B. Fiscal policy but not monetary policy. C. Monetary policy but not trade policy. D. Trade policies such as tariffs but not fiscal policy.
A firm with market power faces the following estimated demand and average variable cost functions:Qd = 39,000 - 500P + 0.4M - 8,000PRAVC = 30 - 0.005Q + 0.0000005Q2where Qd is quantity demanded, P is price, M is income, and PR is the price of a related good. The firm expects income to be $40,000 and PR to be $2. Total fixed cost is $100,000. What is the estimated demand function for the firm?
A. Qd = 40,000 - 200P B. Qd = 39,000 - 500P C. Qd = 39,000 - 200P D. Qd = 71,000 - 500P
The following graph shows the market equilibrium for corn in the United States. If the world price of corn is $6 and there are no trade restrictions, the United States will:?
What will be an ideal response?