Refer to the information provided in Figure 14.1 below to answer the question(s) that follow.
Figure 14.1Refer to Figure 14.1. Firms form a cartel that maximizes profits. The profits are
A. $0.
B. $1,080.
C. $1,800.
D. indeterminate from this information.
Answer: B
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Generally, the elasticity of demand for an energy source in the long run will be
a. approximately equal to its elasticity of demand in the short run. b. considerably more elastic than in the short run. c. slightly less elastic than in the short run. d. considerably less elastic than in the short run.
Which of the following is the best example of an item that a "real world" savings account is designed to cover?
A) the monthly payment for the lease of your apartment B) the purchase of the gasoline you use driving back and forth to work C) an unexpected expenditure to repair the transmission of your car D) funds you are setting aside for your retirement years
Which of the following is NOT an example of a good with network economies?
A. Internet service B. A computer printer C. A cell phone D. Facebook
How is offshoring of services different from past trade patterns?
What will be an ideal response?