We observe a market in which the price has risen and the quantity sold has risen as well. This could be caused by a(n):
a. Increase in demand
b. Decrease in supply
c. Decrease in demand
d. Increase in supply
a. Increase in demand
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Use the table below to answer the following question.ProducerMinimum Acceptable Product PriceActual Product Price (Equilibrium Price)Kimberly$6$13Drake713Nicki913Victoria1113What is the total producer surplus for all four producers shown?
A. $24 B. $6 C. $19 D. $13
To discourage future breakdowns in cooperation in a repetitive game, ______. a. oligopolists should place penalties in the game
b. oligopolists should allow a flexible boundary on output. c. oligopolists should allow flexibility in prices. d. oligopolists should decrease the number of firms in a cartel.
d. Ishmael goes to the ATM twice a week because consumer prices have been fluctuating so rapidly.
a. 0 percent b. 1 percent c. 2 percent d. 3 percent
Administered prices are most likely to occur
A. when a cartel dominates the industry. B. under cutthroat competition. C. under monopolistic competition. D. in any of these competitive situations.