A cartel is a situation where firms in the industry
a. have an agreement to restrict output.
b. agree to produce identical products.
c. obey the rules of dominant firm price leadership.
d. experience the pain of a kinked demand curve.
e. have a barometric price leader
a
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Given the scenario described, if the market price of hammers increased from $9 to $13:
Assume there are three hardware stores, each willing to sell one standard model hammer in a given time period. House Depot can offer their hammer for a minimum of $7. Lace Hardware can offer the hammer for a minimum of $10. Bob's Hardware store can offer the hammer at a minimum price of $13. A. House Depot's producer surplus would increase by $4. B. Lace Hardware Hardware's producer surplus would increase by $3. C. Bob's Hardware's producer surplus would remain unchanged. D. All of these statements are true.
Pietro is 40 years old and is laid off from his job at the paper plant and borrows from his savings for 8 months until he finds a new job. Pietro's
a. transitory income likely exceeds his permanent income for that year. b. borrowing is representative of a normal economic life cycle. c. permanent income is largely unaffected by this one time change to his income. d. economic mobility during this year is highly unusual, as US workers tend to stay in a particular income class.
Assuming that all other things are equal, including the wage, which of the following statements is correct?
a. The quantity of labor supplied for difficult jobs exceeds that for easy jobs. b. The quantity of labor supplied for fun jobs exceeds that for dull jobs. c. The quantity of labor supplied for dangerous jobs exceeds that for safe jobs. d. All of the above are correct.
Assume that oranges and peaches can both be grown on the same type of land, a decrease in the price of peaches, other things being equal, will cause a(n):
A. upward movement along the supply curve for oranges. B. downward movement along the supply curve for oranges. C. rightward shift of the supply curve for oranges. D. leftward shift of the supply curve for oranges.