A group of firms that collude to limit competition is called a(n):
a. conglomerate.
b. oligopoly.
c. cartel.
d. kinked demand.
e. market concentration.
c
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Which of the following is true of the production possibilities curve?
What will be an ideal response?
The law of diminishing marginal utility implies that total utility never reaches a maximum.
Answer the following statement true (T) or false (F)
In the new Keynesian view a monopolistically competitive firm may fail to increase the price of its product as demand increases because
A) if it does so it will lose all of its customers. B) the cost to it of changing prices may exceed the benefit of doing so. C) prices of monopolistically competitive firms are regulated by the federal government and may only be changed with permission. D) for a monopolistically competitive firm, price is below marginal cost.
Which of the following is not an attempt to remedy and externality?
A. A tax per ton of sulfur dioxide pollution. B. Government quotas for individual fisherman to limit harvesting of wild salmon. C. Home association codes requiring home owners to maintain front yards. D. Price controls to combat the effects of the cost disease.