For many years the United States was able to retain a system for drafting young men into the armed forces because
What will be an ideal response?
many people adversely affected found it more to their advantage to use some personal escape route than to attack the system directly.
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Adding the quantities demanded by all consumers at every price will yield
A) the market-clearing price. B) the number of consumers. C) the total substitution effect from a price change. D) the market demand curve.
A group of firms that colludes to limit competition by assigning production quotas and setting a uniform price for all is called a(n)
a. conglomerate b. balanced oligopoly c. cartel d. oligopoly with kinked demand curves for each of the firms in the collusion e. unbalanced oligopoly
Demand curves are formed by ______.
a. minimum prices people are willing and able to sell at b. maximum prices people are willing and able to pay c. minimum prices people are willing and able to pay d. maximum prices people are legally able to sell at
A student figured out that the HHI for an industry was 13,000. What is the proper conclusion?
A. The student made some computational errors. B. The market is close to perfectly competitive. C. The market is served by a monopoly. D. The market is monopolistically competitive.