The main objective of the members of a cartel is to
A) earn economic profits.
B) produce efficiently.
C) make the industry more competitive.
D) obtain a patent.
A
You might also like to view...
A firm can invest in human capital by bringing in robots
Indicate whether the statement is true or false
Which of the following occur in the long-run equilibrium for the firm and the industry under perfect competition?
a. Firms produce output where price equals marginal cost, which also corresponds to where marginal cost intersects long-run average cost. b. Firms produce output where total revenue is maximized. c. Firms earn positive economic profits. d. Firms produce output where price equals average fixed cost, which also corresponds to where marginal revenue intersects marginal cost.
In most countries, decisions that affect medical expenditures are
A. centralized. B. decentralized. C. determined by government policy. D. both centralized and decentralized.
Table 15.1Table 15.1 shows the preferred budget in millions for a new sports facility and the number of thousands of voters in a community who prefer that budget. Tom proposed a budget of $7 million while Mary proposed a budget of $2 million. Which of the two candidates will be elected if everyone votes?
A. Tom B. Mary C. It will be a tie. D. The outcome of the election cannot be predicted.