A cartel is:
a. a group of firms that collude to produce a monopoly output
b. a group of firms that collude to produce the market equilibrium output.
c. a group of firms that collude to charge the market equilibrium price for their output.
d. a group of firms that collude to earn normal profits.
a
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Indicate whether the statement is true or false
According to recent public opinion polls, what percentage of Americans are satisfied with the quality of the medical care they receive?
a. 15 percent. b. 40 percent. c. 65 percent. d. 70 percent. e. 90 percent.
Which of the following is true for the monopolist?
a. Marginal revenue is less than the price charged. b. Economic profit is possible in the long-run. c. Profit maximizing or loss minimizing occurs when marginal revenue equals marginal cost. d. All of the above. e. None of the above.
Which of the following will lead to an increase in the quantity of money demanded?
a. A decrease in the overall level of wealth in the economy b. A decrease in the price level c. A decrease in nominal income d. An increase in real income e. A decrease in real income