In a typical cartel agreement, the cartel maximizes profit when it:
a. behaves as a duopolist
b. is flexible in enforcing production targets.
c. behaves as a monopolist.
d. behaves as a perfectly competitive firm.
c
You might also like to view...
Hedging risk for a long position is accomplished by
A) taking another long position. B) taking a short position. C) taking additional long and short positions in equal amounts. D) taking a neutral position.
Interlocking directorates are illegal under the Clayton Act only when their effect is to lessen competition substantially
a. True b. False Indicate whether the statement is true or false
Which of the following statements is true?
a. The four phases of the business cycle, in order, are: peak, recovery, trough, recession. b. When unemployment is rising then real GDP is rising. c. The economic problem typically associated with a recovery is rising unemployment. d. Full employment exists in an economy when the unemployment rate equals the sum of frictional, and structural unemployment rates.
What is the difference between sunk costs and marginal costs?