A major reason that firms form a cartel is to:
A. minimize the costs of production.
B. maximize joint profits.
C. enlarge the market share for each producer.
D. reduce the elasticity of demand for the product.
Answer: B
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Indicate whether the statement is true or false
Assume that when the price of cantaloupes is $2.50 the demand for cantaloupes is unit-elastic, and that the demand curve for cantaloupes is linear and downward sloping. If firms lower the price of cantaloupes to $2.00 which of the following statements
can be made regarding the price elasticity of demand for cantaloupes? A) The demand for cantaloupes at $2.00 must be inelastic. B) We cannot determine whether the demand for cantaloupes is elastic or inelastic without knowing what the quantity demanded is at each price. C) The demand for cantaloupes at $2.00 must be elastic. D) The demand for cantaloupes at $2.00 must be unit elastic.
What economic benefits might a developing country gain by reducing corruption? Discuss only economic benefits and provide examples from specific developing countries
What will be an ideal response?
________ are quotas that lead to a complete elimination of trade
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