A cartel is a group of firms that
A) produce differentiated products.
B) produce products that are complements.
C) agree to restrict output to boost their profit.
D) agree to boost output to boost their profit.
C
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Using the data in the above table, which worker at Jefferson's Cleaners has the highest marginal product?
A) the second B) the third C) the fourth D) the fifth
If the price of music downloads was to decrease, then
A) the supply of MP3 players would increase. B) the demand for MP3 players would decrease. C) the demand for MP3 players would increase. D) the quantity of MP3 players demanded would decrease.
The difference between a business plan and a budget is:
a. A budget is a one-to-three year planning document, but a business plan is a 10-to-20 year planning document. b. Really, there is no difference c. A budget is a long-term planning document, and a business plan is a very short-term planning document. d. A business plan is a three-to-five year planning document, and a budget is generally a one-to-three year planning document. e. None of the above
The owners of which type of firm have the least liability?
A. Limited partnership. B. Proprietorship. C. Partnership. D. Corporation.