If all producers in a market are cartel members, then the demand curve facing the cartel is
A) the market demand curve.
B) horizontal.
C) identical to the demand curve in the dominant firm model.
D) identical to the monopolist's demand curve.
D
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Which of the following is an act of economic "investment"?
A. A brewer purchases a new fermentation system for his beer. B. An entrepreneur buys 5,000 shares of stock at $5 a share and then sells the stock at a profit for $60 a share. C. A teacher deposits $500 in a retirement account. D. The state legislature authorizes the sale of a state park.
If the price of carrots is below the equilibrium price, the
A) quantity supplied of carrots exceeds the quantity demanded, and a shortage exists. B) quantity demanded of carrots exceeds the quantity supplied, and a shortage exists. C) quantity demanded of carrots exceeds the quantity supplied, and a surplus exists. D) quantity supplied of carrots equals the quantity demanded. E) quantity supplied of carrots exceeds the quantity demanded, and a surplus exists.
A high inflation rate will
A) harm those who have saved while helping those who have borrowed. B) harm those who have borrowed while helping those who have saved. C) harm those who have saved and those who have borrowed. D) benefit those who have saved and those who have borrowed.
The idea of the invisible hand was introduced by
a. Wassily Leontief. b. Adam Smith. c. Thomas Jefferson. d. Mountifort Longfield.