Cartels are:
a. difficult to organize
b. difficult to preserve.
c. especially unlikely to succeed if the members sell many varied products.
d. all of the above.
d
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A labor market monopsony
A) has a marginal cost of labor curve that lies above the labor supply curve. B) has a marginal cost of labor curve that lies below the labor supply curve. C) is a labor market in which the firm has an elastic demand for labor. D) is a labor market in which the firm has an inelastic demand for labor.
What percent of currency transactions involve a trade in the spot market?
a. 30% b. 40% c. 60% d. 90%
Jane pays the market price of $69 for a new pair of running shoes, even though she would be happy to pay a maximum of $100 for the same pair of shoes. This is an example of the concept of
A. price ceilings. B. producer surplus. C. consumer surplus. D. full economic prices.
If a perfectly competitive firm were to raise its price above the market price, it would
A. sell slightly less than at the market price. B. sell significantly less than at the market price. C. sell slightly more than at the market price. D. sell nothing.