In the absence of any legally binding enforcement mechanism, individual cartel producers may find it advantageous to cheat on the agreements and engage in secret price concessions
a. true b. false
a
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If a monopolist produces to a point at which marginal revenue is less than marginal cost then
A) profits are being maximized. B) profits will always be negative. C) the incremental cost of producing the last unit exceeds the incremental revenue. D) the incremental cost of producing the last unit is less than the incremental revenue.
Which of the following observations concerning labor cost patterns over the last century is true?
a. Average real wages started rising after 1973. b. Hourly compensation rates have fallen dramatically. c. Compensation growth slowed markedly. d. Average hours worked per week have increased by almost 50 percent.
A double coincidence of wants
a. is required when there is no item in an economy that is widely accepted in exchange for goods and services. b. is required in an economy that relies on barter. c. is a hindrance to the allocation of resources when it is required for trade. d. All of the above are correct.
Answer the following statement(s) true (T) or false (F)
1. Footballs and football helmets are considered to be complements. 2. Other things held equal, rising income usually leads to a leftward shift of the demand curve. 3. The vital statistics of the potential consumer population include size, race, income, and age characteristics. 4. Higher prices for a good or service provide incentives for producers to make or sell less of it.