A cartel is:
A. a duopoly with more than two firms.
B. a firm that always has a dominant strategy.
C. a number of firms who collude to make collective production decisions about quantities or prices.
D. the "leader" of an industry, typically the firm with the largest market share.
C. a number of firms who collude to make collective production decisions about quantities or prices.
You might also like to view...
Most local phone companies
a. face a horizontal demand curve b. are regulated c. are called public utilities d. have tremendous economies of scale e. are natural monopolies
Suppose there are three power-generating plants, each of which has access to 5 different production processes. The table below summarizes the cost of each production process and the corresponding number of tons of smoke emitted each.Process(smoke/day) A(4 tons/day) B(3 tons/day) C(2 tons/day) D(1 ton/day) E(0 tons/day) Cost to Firm X ($/day) $500$514$530$555$585 Cost to Firm Y ($/day) $400$420$445$480 $520Cost to Firm z ($/day) $300$325$360$400 $550Suppose the government decides to impose a tax on each ton of smoke emitted. What would be the lowest tax, in whole dollars, that would reduce emissions to 6 tons per day?
A. $36 per ton B. $21 per ton C. $26 per ton D. $41 per ton
If a consumer has a choice between only two goods and both of them are perfect complements what would the indifference curve look like and why?
What will be an ideal response?
Between 1945 and 1950, the U.S. price level rose by one-third. This increase was complemented by which of the following?
(a) An increase in nominal and real GDP (b) An increase in nominal GDP but a decrease in real GDP (c) An increase in real GDP but a decrease in nominal GDP (d) Stable nominal and real GDP