A cartel is
A. a group of oligopolists who try to behave like a single monopolist and split the benefits among themselves.
B. a government-approved organization for the exchange of technical information among firms.
C. a form of competition among oligopolists.
D. a regulated industry that is officially permitted to set the price of its product above long-run average total cost.
Answer: A
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What will be an ideal response?
An individual's demand curve for a good is derived by
a. varying the income level and observing the resulting total utility derived from both goods. b. varying the price of one good and observing the resulting quantities of the other good. c. shifting the budget line to the left and calculating the loss in total utility. d. varying the price of one good and observing the resulting quantities demanded of that good.
The quantity that sellers wish to sell tends to ________ as price increases, and so the supply curve is ________ sloping.
A. decrease; upward B. increase; upward C. decrease; downward D. increase; downward
Suppose there is a Fed purchase of bonds and simultaneous tax cut. We know with certainty that this combination of policies must cause
A) an increase in the interest rate (i). B) a reduction in i. C) an increase in output (Y). D) a reduction in Y.