A cartel's profit-maximizing quantity occurs where the cartel's
a. marginal cost equals marginal revenue
b. marginal cost equals demand
c. price is highest
d. cost is lowest
e. demand curve has a kink
A
You might also like to view...
Assuming that Yd = $20,000 and C = $22,000, we would find that the average propensity to consume would be equal to
A) 0.8. B) 1.8. C) 1.1. D) 0.9.
Campaign finance reform is usually proposed
a. as a way of reducing the power of special-interest groups b. as a form of rent seeking c. by economists as a way of implementing the median voter model d. by political action committees e. by the Justice Department
National debt is the federal government’s total indebtedness at a moment in time.
Answer the following statement true (T) or false (F)
Which of the following combinations would result in an INCREASE in $ sales of Honda Civics for Honda of Ames based on different combinations of the own P elasticity of D for Civics and how the firm changes its P of Civics?
a) D is elastic, decrease P b) D is inelastic, raise P c) D is unitary, keep P the same d) A and B e) None of the above